Enveric Biosciences Successfully Pursues Patent Application for Psilocin Prodrug; Shares Soar 140%
Enveric Biosciences (NASDAQ: ENVB) has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a patent application involving a new chemical entity (NCE).
Enveric’s lead product candidate, EB-373, is a psilocin prodrug being developed for the treatment of anxiety disorder.
The company’s share price rose by 140% following the news.
Enveric’s Phase 1 clinical trial evaluating EB-373 as a treatment for anxiety disorder is expected to initiate in the fourth quarter of 2023.
Enveric has stated that having multilayered IP for its NCE prodrugs is an important value driver and key component of the company’s business strategy.
The company is creating a portfolio of novel small-molecule therapeutics for the treatment of mental health disorders.
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary™, Enveric has created a robust Intellectual Property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of anxiety disorders. Enveric is also advancing its second program, the EVM301 Series, to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient.