Enveric Biosciences Inc Stock Price, News & Analysis

Enveric Biosciences (NASDAQ: ENVB) reported a comprehensive net loss of $48.8 million for the year ending December 31, 2021, up from $7.0 million in 2020. The loss per share was $2.07. The company ended 2021 with $17.4 million in cash and equivalents. Key milestones included the acquisition of MagicMed and positive preclinical data for EV102. Enveric also filed several patent applications to strengthen its intellectual property portfolio and closed a $10 million public offering to support its drug development efforts.

Enveric Biosciences (NASDAQ: ENVB) has filed a provisional patent application for over 100 novel molecules, potentially leading to 10,000 new drug candidates. This initiative is part of their second-generation program targeting cancer-related distress (CRD) and expanding into other mental health conditions. Chief Innovation Officer Dr. Peter Facchini noted the use of their PsyAI™ technology in molecule design. These molecules, synthesized for safety evaluation, may advance to preclinical development soon. The application aims to address significant psychological distress in cancer patients, where existing treatments have shown limited efficacy.

Enveric Biosciences (NASDAQ: ENVB) announced the publication of its first four Patent Cooperation Treaty (PCT) applications for novel tryptamine molecules aimed at treating psychiatric and neurological disorders. These applications, published by the World Intellectual Property Organization (WIPO), protect Enveric’s innovative drug candidates, positioning the company as a leader in the development of psychedelic-inspired therapies. Tryptamines, including well-known psychedelics, are under research for their potential therapeutic advantages in various mental health conditions.

Enveric Biosciences (NASDAQ: ENVB) announced CEO Dr. Joseph Tucker's participation in three investor conferences in March 2022. The events include the Q1 Virtual Investor Summit on March 8 at 11:45 a.m. ET, Citi's Psychedelic Drug Call Series on March 10 at 10:00 a.m. ET, and the Maxim 2022 Virtual Growth Conference from March 28-30. Attendees can register online for each conference. Enveric focuses on developing psychedelic-inspired mental health medicines to aid patients suffering from conditions like cancer-related distress and PTSD.

Enveric Biosciences (NASDAQ: ENVB) has filed its 10th Patent Cooperation Treaty (PCT) application focused on tryptamine-based derivative molecules, enhancing its intellectual property portfolio related to psychedelic-inspired mental health treatments. These novel compounds are linked to substances like DMT and psilocybin, which are being researched for various psychiatric disorders. Enveric aims to improve the commercial and regulatory prospects of these compounds and plans to explore out-licensing collaborations with other drug developers to maximize therapeutic potential.

Enveric Biosciences (NASDAQ: ENVB) is collaborating with the University of Calgary's Hotchkiss Brain Institute to launch a clinical trial for EVM-101, aimed at treating Cancer Related Distress (CRD). Approximately 50% of cancer patients experience significant psychological distress, highlighting a pressing medical need for effective treatments. The trial will assess the efficacy of a psilocybin-based therapy on CRD symptoms, with patient enrollment expected to begin in late 2022 or early 2023. Enveric is focused on developing innovative psychedelic-inspired mental health medications.

Enveric Biosciences (NASDAQ: ENVB) has closed its underwritten public offering, raising approximately $10 million through the sale of 20,000,000 shares of common stock and warrants. After costs, the company received net proceeds of about $9.2 million. The funds will be allocated for working capital and general corporate purposes. The offering included a 45-day option for the underwriter to purchase an additional 3,000,000 shares and/or warrants. This public offering was conducted under an effective shelf registration statement with the SEC.

Enveric Biosciences (NASDAQ: ENVB) has priced its underwritten public offering of 20 million shares of common stock, paired with warrants for an additional 20 million shares, at a combined price of $0.50 per share. The offering is expected to close by February 15, 2022, aiming to raise gross proceeds of approximately $10 million for general corporate purposes. A.G.P./Alliance Global Partners is the sole book-running manager for this offering, which includes a 45-day option for the underwriter to purchase an additional 3 million shares.

Enveric Biosciences announced the development of EV104a and EV104b, new molecular conjugates aimed at treating Osteoarthritis (OA) and other pain conditions. These conjugates combine cannabidiol (CBD) with celecoxib to improve pharmacokinetics and efficacy while reducing side effects. Pre-clinical testing is ongoing, and a provisional patent has been filed. CEO Joseph Tucker emphasized the need for better OA treatments, as current therapies are inadequate. This initiative positions Enveric to potentially enhance treatment options for patients suffering from OA-related pain.