Enveric Biosciences Inc. ENVB said on Friday it has agreed to sell one of its cancer-related patent portfolios. The Cambridge, Massachusetts-based company didn't disclose the amount.
The divested portfolio includes patents issued in the U.S., Australia, Canada, China, Europe and Japan, with patent applications pending in Canada, Israel, and Korea, the company said in a press release.
The patents and applications up for sale outline and assert the blend of cannabidiol and additional therapeutic agents as a treatment for cancer.
Why It Matters
Enveric is a biotechnology company that develops novel neuropathogenic small-molecule therapeutics used in the treatment of depression, anxiety, and addiction disorders.
The move would allow it to continue to focus on advancing its candidates EB-003, a neuroplastogen aiming to eradicate hallucinations, and EB-002, previously known as EB-373, a cutting-edge synthetic prodrug of the active metabolite, psilocin.
Joseph Tucker, Ph.D., director and CEO of Enveric, praised the move.
"This transaction will provide the opportunity for Enveric to continue its focused investment in developing neuroplastogens for the treatment of mental health disorders while providing foundational patent protection for our undisclosed purchasers who we anticipate will pursue research, clinical trials, and commercial development of cannabidiol-based therapies to treat specific types of cancer," Tucker said.
Now read: Enveric Biosciences Deepens Its Mental Health-Focused Pipeline With Library of Preclinical Compounds
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!