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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