Enveric and Aries recently announced a
Licensing Agreement for patented topical product aimed at treating
radiation dermatitis, which impacts approximately two million
cancer patients per year and has a market opportunity estimated at
$400 million annually
Enveric Biosciences (NASDAQ: ENVB) (“Enveric”), a biotechnology
company dedicated to the development of novel neuroplastogens for
the treatment of neuropsychiatric disorders, and Aries Science
& Technology (“Aries”), a developer of encapsulation
technologies, today announced that Patent No. 12,059,393 was issued
on August 13, 2024, to Enveric’s wholly-owned subsidiary, Akos
Biosciences, Inc. (“Akos”).
We believe the newly issued intellectual property strengthens
Enveric’s patent portfolio. On July 15, 2024, Enveric announced
entering into a Licensing Agreement between Aries and Akos for the
clinical development of Enveric’s now-patented topical product for
radiation dermatitis and other conditions (“Licensing
Agreement”).
“The additional patent issuance greatly enhances investment
potential in the subsidiary being formed by Aries to advance a
CBD-based lotion, which has demonstrated promising preliminary
results in early-stage animal tests conducted by Enveric,” said Dr.
Ramanathan Lalgudi, Founder and CEO of Aries. “We believe the newly
issued patent is key to launching a protectable and proprietary
formulation, as we work to develop treatments to reduce the side
effects and increase the tolerance of radiation therapy and enhance
the life of millions of cancer patients suffering from radiation
dermatitis.”
Aries earlier announced its nomination of Hari Harikumar, Ph.D.,
as Chairman-elect of an Aries subsidiary being formed to advance
this opportunity. Dr. Harikumar is a successful techno-commercial
entrepreneur having experience with multiple companies.
“We believe the patent issuance and Aries’ commitment to this
novel technology strongly validates both the potential economic and
commercial benefit of Enveric’s innovations and our commitment to
providing solutions that address patient needs,” said Joseph
Tucker, Ph.D., CEO of Enveric. “We deeply value Enveric’s
relationship with Aries and are confident in their ability to
develop the CBD product and bring it to patients.”
“The out-licensing of the CBD-related technology, and our
ongoing relationship with Aries, supports Enveric’s mission by
allowing us to focus our resources on the development of our lead
neuroplastogen drug candidate, EB-003, for the treatment of
critical neuropsychiatric disorders,” said Dr. Tucker.
Under the terms of the Licensing Agreement with Aries, assuming
success in meeting all conditions in the Licensing Agreement,
Enveric will be eligible to receive aggregate milestone payments of
up to $61 million, as well as tiered royalties ranging from 2.5% to
10% on future sales.
About Aries Science and Technology LLC
Aries has research laboratories In Columbus, Ohio and possesses
deep technical expertise relevant to the envisioned product forms.
Aries is planning to establish an investable subsidiary focused on
completing development, commercialization and launch of the topical
product and projects a potential product pipeline featuring
multiple patented formulations.
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, the 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.
Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. These statements relate to future events or future
performance. All statements other than statements of historical
fact may be forward-looking statements or information. Generally,
forward-looking statements and information may be identified by the
use of forward-looking terminology such as “plans,” “expects” or
“does not expect,” “proposes,” “budgets,” “explores,” “schedules,”
“seeks,” “estimates,” “forecasts,” “intends,” “anticipates” or
“does not anticipate,” or “believes,” or variations of such words
and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, should, would, or
might occur or be achieved. Forward-looking statements may include
statements regarding beliefs, plans, expectations, or intentions
regarding the future and are based on the beliefs of management as
well as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors, including, but not limited to, the ability of
Enveric to: negotiate and finalize definitive agreements based on
the any of its out-licensing term sheets and perform pursuant to
the terms thereof; carry out successful clinical programs; achieve
the value creation contemplated by technical developments; avoid
delays in planned clinical trials; establish that potential
products are efficacious or safe in preclinical or clinical trials;
establish or maintain collaborations for the development of
therapeutic candidates; obtain appropriate or necessary
governmental approvals to market potential products; obtain future
funding for product development and working capital on commercially
reasonable terms; scale-up manufacture of product candidates;
respond to changes in the size and nature of competitors; hire and
retain key executives and scientists; secure and enforce legal
rights related to Enveric’s products, including patent protection;
identify and pursue alternative routes to capture value from its
research and development pipeline assets; continue as a going
concern; and manage its future growth effectively.
A discussion of these and other factors, including risks and
uncertainties with respect to Enveric, is set forth in Enveric’s
filings with the Securities and Exchange Commission, including
Enveric’s Annual Report on Form 10-K and its Quarterly Reports on
Form 10-Q. Enveric disclaims any intention or obligation to revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240813429920/en/
Investor Relations Tiberend Strategic Advisors, Inc.
David Irish (231) 632-0002 dirish@tiberend.com
Media Relations Tiberend Strategic Advisors, Inc. Casey
McDonald (646) 577-8520 cmcdonald@tiberend.com
Enveric Biosciences (NASDAQ:ENVB)
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