CAMBRIDGE, Mass. - Enveric Biosciences (NASDAQ: ENVB), a biotechnology firm specializing in neuroplastogenic molecules for mental health treatment, has divested one of its cancer-related patent portfolios. The company announced the sale today, stating that the proceeds will support the continued development of its primary neuroplastogenic compounds, EB-003 and EB-002.
The portfolio sold includes patents and applications for the use of cannabidiol in combination with other therapeutic agents to treat cancer. These patents have been issued in multiple countries, including the United States, Australia, Canada, China, Europe, and Japan, with further applications pending in Canada, Israel, and Korea. Following the sale, Enveric retains no ownership rights in the divested intellectual property.
Dr. Joseph Tucker, CEO of Enveric, expressed satisfaction with the sale, emphasizing that the proceeds will enhance the company's focus on creating treatments for depression, anxiety, and addiction disorders. The undisclosed buyers are expected to advance the research and development of the cannabidiol-based cancer therapies covered by the patents.
The transaction highlights Enveric's strategic shift away from cannabinoid-related intellectual property towards its core objective of developing neuroplastogens. EB-003, a first-in-class neuroplastogen, aims to promote neuroplasticity without causing hallucinations. EB-002, a synthetic prodrug of psilocin, is being studied for the treatment of psychiatric disorders. Enveric's decision to sell the cancer patent portfolio is part of a broader initiative to out-license or partner preclinical compounds, including derivatives of psilocybin, mescaline, and MDMA.
The company's forward-looking statements indicate a commitment to advancing its clinical programs and creating value from its research and development pipeline. However, as with all forward-looking statements, there are risks and uncertainties that could affect the company's future performance.
This article is based on a press release statement from Enveric Biosciences. The company's lead programs, EB-003 and EB-002, represent its efforts to address mental health disorders through innovative therapeutic approaches.
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