Enveric Biosciences Out-Licenses Key Program To MycoMedica In $62M Deal

Enveric Biosciences Inc (NASDAQ:ENVB), a biotechnology company specializing in neuroplastogen therapeutics for mental health conditions, has entered into a licensing agreement with MycoMedica Life Sciences.

Enveric will out-license its EVM201 program, including the drug candidate EB-002 (formerly EB-373), to MycoMedica. The partnership is set to bring forward the development of EB-002, a synthetic prodrug of psilocin for treating neuropsychiatric disorders, including depression.

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Under the terms of the agreement, MycoMedica gains exclusive, global rights to EB-002, including its formulations, usage methods and associated medical devices.

MycoMedica will assume responsibility for all future preclinical, clinical, and commercial development of EB-002, with Enveric set to receive potential milestone payments totaling up to $62 million, plus royalties on sales. This agreement also grants MycoMedica sublicensing rights and cash buyout options.

Enveric's Strategic Move: Licensing EB-002 While Prioritizing EB-003

"Our strategic decision to license EB-002 is a testament to Enveric's commitment to innovation, collaboration, and efficiency, positioning both EB-002 and EB-003 for maximum impact in their respective treatment spaces," Joseph Tucker, Ph.D., CEO of Enveric said in an exclusive statement.

"This agreement allows us to remain true to our mission: driving transformative solutions in mental health through the pioneering work with EB-003, while enabling EB-002 to realize its potential in the hands of a capable partner," he added.

Meanwhile Sanjay Dubé, M.D., CEO and chief medical officer of MycoMedica also commented in a press release. "We are excited to enter into this licensing agreement with Enveric and continue the development of EB-002 as we seek to advance new treatment options for patients with neuropsychiatric disorders."

With EB-002 now in the hands of MycoMedica, Enveric is concentrating its resources on the development of EB-003. The novel neuroplastogen is seen as a groundbreaking treatment for depression, anxiety, and addiction disorders, with the company aiming to file an Investigational New Drug (IND) application in 2025.

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