In a release issued under the same headline on August 24, 2023 by Diamond Equity Research LLC, please note that the Disclosures paragraph has been replaced and includes the correct amount paid upfront for sponsored research, disregard all previous press release Disclosures on this ticker. The corrected release follows:
NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) --
Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has released Update Note on Enveric Biosciences Inc. (NASDAQ: ENVB). The update note includes information on the Enveric Bioscience’s management commentary, recent developments, outlook, and risks.
The full research report is available here. Highlights from the report include:
- Enveric Sells Cancer-Targeting Cannabinoid-Related Intellectual Property: Enveric Biosciences has announced the sale of one of its cancer-related patent portfolios for an undisclosed sum, emphasizing its strategic pivot towards advancing its neuroplastogenic small-molecule therapeutics for mental health disorders, including depression, anxiety, and addiction. The divested portfolio, which includes patents and applications for the use of cannabidiol in combination with other therapeutic agents for cancer treatment, spans several key global markets, including the U.S., Australia, Canada, China, Europe, and Japan, with additional applications pending in Canada, Israel, and Korea. Following this transaction, Enveric has transferred all ownership rights of the sold assets, enabling the buyer to advance research and potentially commercialize cannabidiol-based treatments for cancer. The sale aligns with Enveric's focused commitment to neuroplastogenic therapy development, particularly with EB-003, a first-in-class neuroplastogen targeting the elimination of hallucinations, and EB-002 (formerly EB-373), a synthetic prodrug of psilocin.
- Enveric Biosciences Unveils a Diverse Portfolio of Novel Neuroplastogenic Compounds: Enveric Biosciences has unveiled the discovery of multiple novel compounds using its proprietary Psybrary™ platform and PsyAI™ drug-discovery system, marking a significant expansion of its intellectual property (IP) portfolio. These discoveries span seven distinct molecule classes, encompassing at least 57 unique product opportunities. This development not only enhances Enveric's asset library for addressing mental health disorders but also opens avenues for potential out-licensing opportunities and non-dilutive revenue streams. These compounds complement the company's lead candidates, EB-003 and EB-002, in targeting mental health disorders. Following are the detailed molecule classifications and properties:
- Novel Serotonin-Norepinephrine-Dopamine Reuptake Inhibitors (SNDRI):
- Known as triple reuptake inhibitors, targeting severe depression and anxiety.
- Show strong binding to SERT, NET, and DAT, with additional serotonin receptor binding profiles.
- Non-selective Serotonin Reuptake Inhibitor (NSRI):
- Demonstrates strong binding to SERT and the 5-HT1A receptor.
- Certain NSRIs show additional binding to various serotonin and dopamine family receptors.
- Novel MDMA Derivatives (EMD) Series:
- Twenty derivatives categorized into three subgroups based on 5-HT2A receptor binding.
- Each subgroup shows unique receptor activity, targeting adrenergic/dopaminergic and epinephrine/norepinephrine family receptors.
- Bifunctional Psilocin Prodrugs (BPP):
- Absorbed and converted to psilocin in plasma, with lower Head Twitch Response in mice.
- Each prodrug has a unique binding profile to serotonin receptors and SERT.
- Novel Psilocin Prodrug (NPP) Series:
- Designed for varying rates of systemic psilocin release, supporting treatment regimen optionality.
- Includes compounds suitable for non-oral administration forms.
- Melatonin-Receptor Agonist (MRA) Series:
- Targets MT1 Melatonin receptor, essential for circadian rhythm regulation.
- Compounds show strong binding to MT1, with some demonstrating selectivity and others expanded target binding profiles.
- Neuroplastogenic Antidepressant (NAD-01):
- Aims to induce neuroplastogenic activity and long-term therapeutic benefits for depressive mood disorders.
- Shows neuroplastogenic activity and lower Head Twitch Response, promoting recovery in stressed mice.
- Novel Serotonin-Norepinephrine-Dopamine Reuptake Inhibitors (SNDRI):
About Enveric Biosciences Inc.
Enveric Biosciences is an innovative mental health company pioneering in the field of psychedelic medicine. Leveraging its unique AI platform, PsyAI™, and a library of novel derivative psychedelic molecules, known as Psybrary™, the company is committed to discovering and developing effective treatments for hard-to-treat mental health conditions.
For more information, visit https://www.enveric.com/
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com
Disclosures:
Diamond Equity Research LLC is being compensated by Enveric Biosciences Inc. for producing research materials regarding Enveric Biosciences Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 02/26/24 the issuer had paid us $40,000 for our company sponsored research services, which commenced 07/01/23 and is billed annually Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 02/26/24. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities, including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Enveric Biosciences Inc.
Contact:
Diamond Equity Research
research@diamondequityresearch.com
