Enveric Biosciences Outlicenses Compounds Generated by AI Drug Discovery System
Enveric Biosciences (Nasdaq: ENVB) has signed three non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of three classes of compounds. The compounds are from Enveric’s extensive library of over 1,000 novel molecules generated using the company’s Psybrary™ platform and proprietary computational chemistry and artificial intelligence (AI) drug-discovery system (PsyAI™).
“Patients living with serious mental health conditions have seen insufficient innovation for far too long, and we are excited for the opportunity to progress several of the novel compounds generated using our drug discovery engine,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “We look forward to working with our partner, and we are confident in their leadership and capabilities to work on further developing these drug candidates to advance treatment options for patients.
“Ultimately, we believe the definitive licensing agreements, once negotiated and finalized, could represent an excellent potential source of revenue for Enveric, and could demonstrate the value creation from Enveric’s discovery capabilities and proprietary PsyAI™ and Psybrary™ platforms, which have already generated an impressive library of compounds targeting a variety of CNS disorders.”
Enveric has numerous molecules and classes available for additional out-licensing opportunities.
Highlights
Under the terms of the agreement, the undisclosed licensee would receive exclusive, royalty-bearing global licenses to develop and sublicense the assets, along with cash buyout options and future option rights to substantially related assets in the Enveric portfolio.
The licensee would assume responsibility for all future preclinical and clinical development for all human and animal pharmaceutical applications.
Enveric could be eligible to receive future development and sales milestone payments and execution fees for the three licenses, which in total could add up to $200 million.
Royalty rates on each of the three licenses could range from 2.5% up to 10% on future sales, depending on meeting certain sales criteria.
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.
