Enveric Biosciences Executes Reverse Stock Split and Announces Patent Milestone
LOS ANGELES- Enveric Biosciences, Inc. recently implemented a 1-for-15 reverse stock split, effective January 29, 2025, to comply with Nasdaq’s minimum bid price requirement. Following the split, the company conducted a public offering, raising $5 million through the issuance of 1.67 million shares priced at $3 each, accompanied by Series A and B warrants. This financing round led to a significant decline in the company’s stock price, with shares dropping over 40% in pre-market trading on January 31, 2025.
In parallel, Enveric received a Notice of Allowance from the U.S. Patent and Trademark Office for its lead neuroplastogenic compound, EB-003. This patent covers the composition of matter and methods of use for EB-003, which is under development for treatment-resistant depression and anxiety. The company highlights that EB-003 aims to promote neuroplasticity without inducing hallucinations, potentially allowing for treatment without the need for healthcare professional supervision during administration.