Aries to clinically develop and market
Enveric’s patented product for radiation dermatitis
Enveric Biosciences (NASDAQ: ENVB) (“Enveric”), a biotechnology
company dedicated to the development of novel neuroplastogens for
the treatment of neuropsychiatric disorders, and Aries Science
& Technology (“Aries”), a developer of encapsulation
technologies, today announced a licensing agreement for the
clinical development of Enveric’s patented radiation dermatitis
topical product.
Radiation dermatitis is a side effect of radiation treatment
that impacts roughly two million cancer patients per year and has a
market opportunity estimated at $400 million annually. The
formulation licensed to Aries is protected by an allowed US patent
application, as well as a pending PCT application.
“This product offers the potential to provide much needed relief
to cancer patients suffering from the painful side effects of
radiation therapy,” said Ram Lalgudi, Ph.D., CEO of Aries. “We are
excited by the opportunity to advance this promising molecule to
clinical trials.”
Dr. Lalgudi announced: “Aries has nominated Hari Harikumar,
Ph.D., as Chairman-elect of an Aries subsidiary being formed to
advance this opportunity. Dr. Harikumar is a techno-commercial
entrepreneur having experience with multiple companies, including
his current role as VP for Performance Additives in CHASM Advanced
Materials and earlier roles as CEO of QM Power, and VP, Innovation,
Sustainability and Technology for Ingersoll Rand/TRANE, and
President & CTO for USHA, a leading consumer brand in India. We
look forward to great success under his leadership.”
Joseph Tucker, Ph.D., CEO of Enveric, stated: “With its proven
expertise in encapsulation solutions and strong management team, we
believe Aries is the ideal partner to continue the development of
this cancer support care product while Enveric sharpens its focus
on neuropsychiatric indications.”
Under the terms of the agreement, executed through Enveric’s
subsidiary, Akos Biosciences, Inc., Enveric will be eligible to
receive aggregate milestone payments of up to $61 million, as well
as tiered royalties ranging from 2.5% to 10% on future sales, if
all conditions are met.
About Aries Science and Technology LLC
Aries has research laboratories In Columbus, Ohio and possesses
deep technical expertise relevant to the envisioned product forms.
Aries is planning to establish an investable subsidiary focused on
completing development, commercialization and launch of the topical
product and projects a potential product pipeline featuring
multiple patented formulations.
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.
Forward-Looking Statements
This 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,” “budgets,” “explores,” “scheduled,”
“seeks,” “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, should, would, or
might occur or be achieved. Forward-looking statements may include
statements regarding beliefs, plans, expectations, or intentions
regarding the future and 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 of
Enveric to: carry out successful clinical programs; achieve the
value creation contemplated by technical developments; avoid delays
in planned clinical trials; establish that potential products are
efficacious or safe in preclinical or clinical trials; establish or
maintain collaborations for the development of therapeutic
candidates; obtain appropriate or necessary governmental approvals
to market potential products; obtain future funding for product
development and working capital on commercially reasonable terms;
scale-up manufacture of product candidates; respond to changes in
the size and nature of competitors; hire and retain key executives
and scientists; secure and enforce legal rights related to
Enveric’s products, including patent protection; identify and
pursue alternative routes to capture value from its research and
development pipeline assets; continue as a going concern; and
manage its future growth effectively.
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, including
Enveric’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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240715938433/en/
Tiberend Strategic Advisors, Inc. Casey McDonald (646) 577-8520
cmcdonald@tiberend.com
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