Enveric Biosciences Marks Significant Progress in Corporate Update

Enveric Biosciences (Nasdaq: ENVB) has provided a corporate update and reported financial results for the fourth quarter of 2023 and fiscal year ended December 31, 2023.

“The fourth quarter of 2023 and early 2024 was a significant period for Enveric, highlighted by the selection of EB-003 as our lead development candidate. We believe EB-003 is a groundbreaking, neuroplastogen drug candidate that offers the potential to treat severe mental health disorders without the hallucinogenic effect typically associated with psychedelic-based molecules,” said Joseph Tucker, Ph.D., Director and CEO of Enveric.

Enveric says that based on numerous discussions with large pharmaceutical companies, mental health professionals, and leading researchers, widespread market acceptance of psychedelic-inspired drugs will ultimately be determined by the ability to administer such medications in an outpatient setting.

“We believe minimizing the hallucinatory effect will be key to seizing this opportunity and was critical in our decision to select EB-003 as our lead product candidate of the EVM301 series,” concluded Dr. Tucker. 

Highlights

Enveric selected EB-003 as its lead drug candidate based on the molecule’s pharmacological properties and its potential to be a first-in-class treatment that addresses difficult-to-treat mental health disorders.

Progressed preclinical development of psilocin prodrug, EB-002, with GLP-toxicology and safety pharmacology studies, repeat dose toxicology studies, as well as cardiac, respiratory, CNS safety pharmacology studies, an in vitro hERG current study, and genotoxicity studies.

Net loss attributable to stockholders was $3.44 million for the fourth quarter ended December 31, 2023.

In December, 2023, Enveric completed a warrant inducement transaction with two investors. The gross proceeds to the company from the two warrant exercises totaled approximately $4.5 million.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Enveric’s lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

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Enveric Biosciences Marks Significant Progress in Corporate Update

Catie Corcoran

Biotech Editor