Enveric Biosciences Out-Licenses Key Program To MycoMedica In $62M Deal [Benzinga]
Tuesday, November 12, 2024 1 min read
Key Takeaway: Enveric Biosciences has licensed its EB-002 drug candidate to MycoMedica Life Sciences, focusing on advancements in mental health treatment. The deal could yield up to $62 million in milestone payments and royalties for Enveric. This allows the company to prioritize its neuroplastogen EB-003 for future development.
Price reaction · baseline $85.932 (2024-11-11 close) · hit pre-market · 3 other ENVB headline(s) in the window, move may be shared
day 0 close
-7.4%
day 1
-14.6%
day 3 · peak
-23.5%
Market Sentiment Analysis
POSITIVE FACTORS
Enveric secures a significant $62M deal with MycoMedica.
The licensing agreement allows Enveric to focus on its EB-003 candidate.
The partnership aims to advance mental health treatment.
Full Press Release Details
Enveric Biosciences licenses its EB-002 drug candidate to MycoMedica Life Sciences, focusing on mental health treatment advancements. Enveric receives up to $62M in milestone payments and royalties, while prioritizing its neuroplastogen EB-003 for future development.
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Frequently Asked Questions
What is the value of the deal between Enveric and MycoMedica?
The deal is valued at up to $62 million in milestone payments and royalties.
What is the focus of the EB-002 drug candidate?
EB-002 is focused on advancements in mental health treatment.
What will Enveric prioritize after licensing EB-002?
Enveric will prioritize its neuroplastogen EB-003 for future development.