Enveric Biosciences Eyes Major Licensing Deals for Its Drug Pipeline

NEW YORK-  Enveric Biosciences is actively pursuing licensing agreements that could potentially net the company up to $410 million in milestone payments. This initiative follows a newly announced partnership with MindBio and comes amidst the company’s efforts to advance a leading non-hallucinogenic asset, according to an earnings release issued on Wednesday.

During the first quarter of 2024, the clinical-stage biotech firm reported a net loss of $2.46 million. Despite this, Enveric maintained a cash reserve of $6.36 million at the quarter’s end, bolstered by $4.5 million raised through warrant and equity issuances within the period.

Joseph Tucker, CEO of Enveric, expressed optimism about the company’s engagement with potential pharmaceutical partners interested in its novel drug candidates aimed at treating depression and anxiety disorders. These drugs, Tucker noted, are designed to offer the therapeutic benefits of psychedelic compounds without inducing their typical hallucinatory effects.

The company is currently focused on advancing EB-003, a neuroplastogenic small molecule, toward an investigational new drug application and a planned Phase 1 clinical trial. EB-003 is positioned as a potential treatment for depression and anxiety, promising therapeutic effects without hallucinations.

Enveric has also prepared the groundwork for further partnerships, having executed seven non-binding term sheets with four strategic partners. These preliminary agreements, if finalized, could bring about substantial milestone payments and future royalties, reinforcing Enveric’s financial and strategic position in the biotech industry.

The company leverages its proprietary Psybrary and PsyAI platforms to discover new drug candidates, resulting in over 1,000 proprietary molecules across various therapeutic areas such as cancer, joint disease, and neuropsychiatric conditions. Tucker highlighted the quarter as “highly productive,” reflecting the company’s robust intellectual property portfolio and its promising prospects in drug development and commercialization.