Diverse Biotech announces Strategic Transaction with Enveric Biosciences

Rhea-AI Summary

Diverse Biotech has finalized a strategic transaction with Enveric Biosciences, granting exclusive global rights to develop and commercialize five novel compounds targeting adverse side effects from cancer treatments. The deal includes an undisclosed upfront payment and future royalties on sales. Diverse Biotech utilizes a sophisticated drug discovery platform, leveraging cannabinoids to create new drug candidates that may offer enhanced efficacy and reduced side effects compared to current therapies. This collaboration aims to expedite the availability of these treatments for oncology patients.

Positive

• Strategic partnership with Enveric Biosciences for global rights to five novel compounds.
• Potential for enhanced efficacy and improved side effect profiles using cannabinoids.
• Upfront payment received and royalties on future sales bolster financials.
• Focus on unmet needs in hard-to-treat cancers such as glioblastoma and pancreatic cancer.

Negative

• None.

ORLANDO, Fla., March 16, 2021 /PRNewswire/ -- Diverse Biotech, Inc. www.diversebiotech.com  announced today that it has finalized a strategic transaction with Enveric Biosciences to license exclusive worldwide development and commercialization rights for five novel compounds to address the adverse side effects of cancer treatments.  Diverse Biotech has created a highly advanced chemistry drug discovery platform that combines cannabinoids with other molecules to create new drug candidates with potentially greater efficacy and a more favorable side effect profile than standard therapy. Under the terms of the agreement, Diverse will receive an undisclosed up-front payment and royalties on sales of commercialized compounds in the territory.

"We are excited to collaborate with the outstanding leadership team at Enveric to take these important molecules from our novel conjugate chemistry platform into the supportive care indications of oncology.  We believe that this relationship has the potential to advance this science more rapidly and efficiently, which ultimately better serves patients and allows us to focus on cancer treatment." said Brian Longstreet, Interim CEO, Diverse Biotech. Brian adds "With potentially thousands of new chemical entities covered by our intellectual property patents, we believe this is just the beginning of future partnerships with companies looking to expand their drug portfolio."

About Diverse Biotech
Diverse Biotech is a US-based drug discovery and biopharmaceutical research company, focused on medical discoveries and the development of new molecules for the treatment of cancer and other debilitating diseases.   Our ambition, the discovery and development of novel therapeutics which utilize cannabidiol (CBD, in addition to all other cannabinoids) as a core component and combining it through highly complex and advanced chemistry with other molecules to develop new chemical entities that are theoretically significantly more efficacious and less toxic.  Our initial focus is on hard-to-treat oncologic disorders such as glioblastoma and pancreatic cancer as well as other cancers in which targeted therapies have proven largely unsuccessful and where there is significant unmet need.

Further information about Diverse Biotech can be found at www.diversebiotech.com.

About Enveric Biosciences (NASDAQ: ENVB)
Enveric Biosciences is a patient-first biotechnology company developing rigorously tested, novel cannabinoid medicines to improve quality of life for cancer patients. Initial indications include radiodermatitis, a common and often severe side effect of radiation therapy, and chemotherapy-induced neuropathy. For more information, please visit https://www.enveric.com

Contacts:
Brian Longstreet
Diverse Biotech, Inc 
blongstreet@diversebiotech.com

View original content:http://www.prnewswire.com/news-releases/diverse-biotech-announces-strategic-transaction-with-enveric-biosciences-301248295.html

SOURCE Diverse Biotech, Inc.

FAQ

What is the strategic transaction between Diverse Biotech and Enveric Biosciences?

Diverse Biotech has licensed exclusive worldwide rights to develop and commercialize five novel compounds targeting cancer treatment side effects to Enveric Biosciences.

What are the financial terms of the deal between Diverse Biotech and Enveric Biosciences?

The deal includes an undisclosed upfront payment and royalties on sales of the commercialized compounds.

What unique approach does Diverse Biotech use in drug development?

Diverse Biotech employs a sophisticated drug discovery platform that combines cannabinoids with other molecules to create new drug candidates.

Which cancers are targeted by the compounds licensed to Enveric Biosciences?

The compounds are intended to address adverse side effects in patients with hard-to-treat oncologic disorders, such as glioblastoma and pancreatic cancer.

What is the significance of the partnership for patients?

The collaboration aims to accelerate the development of treatments that improve the quality of life for cancer patients experiencing severe side effects from therapies.