Full Press Release Details
Enveric Biosciences Announces
Artificial Intelligence Platform, PsyAITM, Has Identified Viable Drug Candidates from its Psybrary' of Psychedelic
the way to select lead drug candidates for preclinical studies to support clinical evaluation in cancer-related distress -
NAPLES, Fla., October 5, 2021 - Enveric
Biosciences (NASDAQ: ENVB) ("Enveric" or the "Company"), a patient-centric
biotechnology company developing next-generation mental health and oncology treatments by leveraging psychedelic-derived molecules
for the mind and synthetic cannabinoids for the body, today announced that PsyAITM -
an artificial intelligence tool designed by April19 to provide comprehensive pharmaceutical design, manufacturing, pharmacology
predictive and validating methodologies - has successfully identified viable psychedelic molecules
for further drug discovery from Enveric's initial list of 500 psychedelic molecular compounds within its "Psybrary."
PsyAI has accelerated
the development of optimized pharmaceutical candidates, each tailored specifically for difficult-to-treat mental health indications. Enveric
believes it will be the first psychedelic drug discovery and development company to employ this machine-learning technology against an
extensive psychedelic molecule library to evaluate higher-likelihood molecules that treat conditions that include cancer-related
distress, PTSD, and other central nervous system (CNS) indications.
Enveric's adoption of PsyAI technology, which
utilizes a set of machine-learning models and other computational techniques, including 3D structure generation and docking, is expected
to result in predictive outputs on relative drug potential from Enveric's "Psybrary" of known and novel compounds. Enveric
intends to use the results in predicting drug likeness, CNS exposure, oral bioavailability, toxicity, serotonin 5HT-2A receptor affinity
and activity. The Company expects to combine the predictions into a multi-parameter score to rank the compounds by desirability and patentability
on a comparative basis to a dataset of FDA-approved, orally available CNS drugs.
Additionally, this technology has helped Enveric identify
clusters of compounds that are likely to undergo metabolic conversion into promising active compounds within the human body, therefore
acting as prodrugs. Further analysis and examination of these prodrugs, also known as Generation 2 psychedelics, may expand the scope
of the "Psybrary" and offer possible ways of improving or modifying the pharmacokinetic profiles of drug candidates.
"Through these machine-learning models, we believe
we now have a greater ability to characterize and categorize our Psybrary' substituents, allowing Enveric to focus on the
most promising molecules, accelerate development, and increase our confidence in the psychedelic drug candidates selected for advancement,"
said Dr. Joseph Tucker, CEO of Enveric. "As we work to bring more psychedelics from discovery to the clinical phase, this is a powerful
step in helping us develop the right drug candidates needed to address the global mental health challenges millions suffer from, beginning
with cancer-related distress."
identifying specific psychedelic molecules to pursue from its existing pipeline, we believe that Enveric will also have the ability to
expand future Psybrary' development to focus into the clusters of molecular compounds that have the highest potential to
become viable drug candidates," said Dr. Peter Facchini, Enveric's Chief Scientific Officer. "We expect this new technology
will now bring Enveric yet another step closer to providing much-needed supportive care for cancer
patients suffering from the debilitating side effects of cancer treatment."
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is an innovative
biotechnology company developing a next-generation mental health and oncology treatment clinical discovery platform, leveraging psychedelic-derived
molecules for the mind and synthetic cannabinoids for the body. Enveric's robust pipeline supports drug development from the clinic
to commercialization for millions of patients in need around the world suffering from conditions that include cancer-related distress,
PTSD and more. 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", "proposed", "is expected", "budgets", "scheduled",
"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, would, or might occur or be achieved. Forward-looking statements consist of statements that are not purely
historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking
statements 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 to achieve the synergies and value creation contemplated by the amalgamation; the ability to promptly and
effectively integrate MagicMed's businesses; disruption from the integration of MagicMed making it more difficult to maintain business,
contractual and operational relationships; the impact of the novel coronavirus (COVID-19) on Enveric's ongoing and planned clinical
trials; the geographic, social and economic impact of COVID-19 on Enveric's ability to conduct its business and raise capital in
the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in
preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the
ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for
developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric's ability to manufacture
product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability
to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric's products, including
patent protection. 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 (SEC), including the Company'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.
Valter Pinto / Allison Soss
KCSA Strategic Communications
212.896.1254 / 212.896.1267
Raquel Cona / Joe McIntyre
KCSA Strategic Communications
212.896.1204 / 856.381.8996