Full Press Release Details
Biosciences Receives Notice of Allowance from USPTO for Novel Prodrug of Psilocin
property describes composition of matter claims governing Enveric's lead clinical candidate, EB-373, which is being developed for
the treatment of anxiety disorder
Mass., May 18, 2023 - Enveric Biosciences, Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a biotechnology
company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders,
today announced that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a patent application
involving EB-373, the Company's new chemical entity (NCE) psilocin prodrug being developed for the treatment of anxiety disorder.
soon-to-issue patent, titled, "C4-Carbonothioate-Substituted Tryptamine Derivatives and Methods of Using," contains
composition of matter claims for a family of novel prodrug derivatives of psilocin, including EB-373, Enveric's lead product candidate.
The USPTO issues a Notice of Allowance after making the determination that a patent should be granted from an application.
Enveric has filed further composition of matter patent applications with the USPTO for psilocin prodrugs, including compositions comprising
a crystalline molecular structure. Further, companion Patent Cooperation Treaty (PCT) and non-US national patent applications have been
filed to pursue global coverage of the EVM201 and EVM301 Series in target market countries, and positive International Search Reports
(ISR) written opinions have been received under the PCT for a majority of those applications.
positive decision from the USPTO related to our lead candidate, EB-373 highlights the innovative designs of the psilocin prodrugs being
developed as part of our EVM201 Series, and differentiations in those designs that enable our molecules to potentially elicit a more
rapid onset of action, more controlled therapeutic effect, and reduced gastrointestinal side-effects compared to conventional psilocin
prodrugs, such as psilocybin," said Joseph Tucker, Ph.D., Director and CEO of Enveric. "Possessing multilayered IP for our
NCE prodrugs is an important value driver for Enveric and is a key component of our business strategy as we seek to create a portfolio
of novel small-molecule therapeutics for the treatment of mental health disorders."
Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment
of anxiety, depression, 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, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing
the first product from the EVM201 Series - EB-373 - for the treatment of anxiety disorders. Enveric is also advancing its
second program, the EVM301 Series, to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders,
mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Enveric is headquartered in Naples,
FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.
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 may include historical
statements and 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: carry out successful clinical programs in Australia; 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 on 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 cannabinoid clinical development pipeline assets; continue as a going concern; manage its future growth effectively;
achieve the intended benefits of the cost reduction plan to the extent or as quickly as anticipated transition from third-party
service providers supporting R&D efforts to internal science teams without any adverse impact on Enveric's ongoing and planned
clinical trials; and engage the cost reduction plan efforts without negatively impacting Enveric's business operations and reputation.
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 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.
Strategic Advisors, Inc.
Strategic Advisors, Inc.