CAMBRIDGE, Mass. - Enveric Biosciences (NASDAQ: ENVB), a biotechnology firm focused on developing therapies for mental health disorders, has been granted four new U.S. patents to bolster its intellectual property portfolio, the company announced today. The micro-cap company, currently valued at $3.28 million, has seen its stock decline over 74% year-to-date according to InvestingPro data. The patents cover novel compounds and pharmaceutical formulations for the treatment of anxiety, depression, and addiction.
The U.S. Patent and Trademark Office issued patents 12,133,856 and 12,138,276, which protect the composition of matter and methods of use for the company's EVM301 series molecules. These patents specifically cover multi-substituent and halogenated psilocybin derivative compounds. The EVM301 series, including the lead compound EB-003, aims to induce neuroplasticity without hallucinogenic effects, a key factor for regulatory approval and commercial interest.
Additionally, patents 12,065,404 and 12,077,498 were granted for the EVM201 series prodrug molecules, which are intended to treat neurological disorders. These patents safeguard C4-carboxylic acid-substituted tryptamine derivative compounds and their manufacturing methods. The lead compound of the EVM201 series, EB-002, has been out-licensed to MycoMedica Life Sciences for development.
Enveric's CEO Joseph Tucker, Ph.D., highlighted the significance of these patents, stating they are essential in differentiating the company's tryptamine-based molecules from others in the market. Tucker emphasized the potential of EB-003 to meet commercial and regulatory criteria for advancing to clinical trials.
The company has strategically out-licensed its EVM201 series to MycoMedica and Aries Science & Technology, allowing Enveric to concentrate on developing EB-003 while establishing potential income streams to support its pipeline candidates.
Based in Naples, FL, with offices in Cambridge, MA, and Calgary, AB, Canada, Enveric Biosciences is dedicated to advancing its lead molecule towards clinical trials for neuropsychiatric disorders. The company maintains a Fair financial health rating according to InvestingPro, which offers 10+ additional insights and detailed financial metrics for investors conducting due diligence in the biotech sector. The information in this article is based on a press release statement.
In other recent news, Enveric Biosciences has faced a potential delisting from Nasdaq due to failure to meet the minimum bid price requirement. The company plans to appeal the decision before the Nasdaq Listing Qualifications Panel. Additionally, Enveric Biosciences has entered a licensing agreement with MycoMedica Life Sciences for the development and commercialization of drug candidate EB-002, which could lead to up to $62 million in payments and royalties for Enveric provided certain conditions are met.
Simultaneously, the company has secured five new US patents for its proprietary library of tryptamine derivative molecules, potentially broadening the therapeutic applications of its drug candidates. Enveric's preclinical lead candidate, EB-003, is being developed for treatment-resistant depression and anxiety, with an Investigational New Drug application planned for 2025.
Furthermore, Enveric has partnered with Aries Science & Technology to develop a CBD-based lotion aimed at treating radiation dermatitis, which could potentially benefit two million cancer patients annually. Lastly, Enveric has entered into strategic partnerships, including licensing its Novel Psilocin Prodrugs to MindBio Therapeutics and out-licensing its patented cancer treatment methods to an undisclosed licensee. These are all recent developments in the company's operations.
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