Full Press Release Details
Biosciences Reports Full-Year 2021 Financial Results and Provides Business Update
Fla., March 31, 2022 - Enveric Biosciences Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a neuroscience-focused
biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today reported its financial results
for the full year ended December 31, 2021, and provided a business update.
was a foundational year that set the stage for Enveric to execute on its strategy in the future," said Dr. Joseph Tucker, Enveric's
Chief Executive Officer. "With the acquisition of MagicMed in September 2021, we immediately began moving forward with the clinical
development strategy of our next-generation treatments and therapies for mental health. We find ourselves strategically positioned with
an experienced team of industry professionals, collaborative partners including the University of Calgary, a growing intellectual property
portfolio, and a robust Central Nervous System pipeline of promising drug candidates. As we build upon the three core pillars of our
success, Drug Development, Drug Discovery, and Intellectual Property, we are focused on creating effective mental health medicines."
Updates During and Subsequent to the Fourth Quarter 2021:
| Announced collaboration with the University of Calgary on a groundbreaking clinical trial for EVM-201 in cancer-related distress. A clinical trial, expected to launch in 2023, of EVM-201, a second-generation psychedelic treatment, for Cancer Related Distress will be led by HBI researcher, Dr. Valerie Taylor, Head of the Department of Psychiatry, in Calgary, Canada. | ||
| Announced positive preclinical data for EV102 radiodermatitis drug candidate . EV102 has demonstrated a significant and meaningful reduction in dermatitis severity, skin redness, and duration in a preclinical rodent model. | ||
| PsyAI TM , an artificial intelligence platform, successfully identified viable psychedelic molecules for further drug discovery from Enveric's initial list of 500 psychedelic molecular compounds within its "Psybrary." We believe it is a first of its kind 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. |
| Filed and published four patent applications for psychedelic-inspired drug candidates by the World Intellectual Property Organization (WIPO). The four patent applications are focused on the tryptamine family of novel molecules. | ||
| Filed its 10 th Patent Cooperation Treaty (PCT) patent application directed to tryptamine-based derivative molecules, completing the Company's broad series of PCT applications covering this family of compounds. |
| Successfully synthesized and filed a provisional patent for EV104 , the Company's cannabinoid, and celecoxib conjugate. EV104a and EV104b are the Company's new molecular conjugates for Osteoarthritis ("OA") and other pain indications. | ||
| Filed an additional provisional patent application based on new discoveries by the company. The patent application and claimed drug candidates fall into the Company's EVM201 second-generation, psychedelic-derived drug development program. |
| Closed a $10 million public offering . The Company intends to use the net proceeds from this offering for working capital and to fund other general corporate purposes. | ||
| Included in the new AdvisorShares Psychedelics ETF , trading under the ticker symbol "PSIL" on the NYSE Arca exchange. PSIL is an ETF that focuses on investments in biotechnology, pharmaceutical, and life sciences companies that are leading the nascent but advancing psychedelic industry. |
Results for the Full Year Ended December 31, 2021:
net loss was $48.8 million for the year ended December 31, 2021, including $36.3 million in net non-cash expenses, with basic and diluted
loss per share of $2.07, as compared to a comprehensive net loss of $7.0 million with basic and diluted loss per share of $1.19 per share
for the year ended December 31, 2020.
cash used in operations for the year ended December 31, 2021, was $11.5 million consisting of the net loss, adjusted by a net of $36.3
million in non-cash expenses and changes in asset and liability balances of $1.2 million.
of December 31, 2021, the Company had cash and cash equivalents of $17.4 million and working capital of $15.3 million. Subsequent to
December 31, 2021, the Company raised an additional $10 million and expects to use the funds to help advance its new drug discovery platform,
robust IP portfolio, and a growing pipeline of promising drug candidates.
Biosciences (NASDAQ: ENVB) is a neuroscience company developing next-generation psychedelic-inspired mental health medicines. 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.
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 value creation contemplated by technical developments;
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.
Pinto / Allison Soss
Strategic Communications