Enveric Biosciences

Enveric Biosciences is a patient-centric biotechnology company endeavoring to enhance the lives of those who are adversely affected by the side effects of cancer treatments. Enveric Biosciences has set out with the goal of rigorously testing natural compounds, starting with cannabinoids, to provide patients and clinicians with novel prescription medicines to serve these unmet medical needs.

Enveric Biosciences is a biotechnology company developing ovel neuroplastogenic small-molecule therapeutics for treating depression, anxiety, and addiction disorders. Enveric entered the psychedelic space in May 2021 by signing a definitive agreement to acquire MagicMed Industries, a biotechnology company that develops novel derivative molecules based on psychedelics. The acquisition was aimed at expanding the company’s pipeline of naturally occurring cannabinoid compounds with psychedelic-based therapeutics.&nbsp;

Promising research and receding stigma are giving investors cannabis-boom flashbacks.

Psychedelic Medicine

Enveric Biosciences Trims Losses, Eyes Key Drug Approval For Difficult-To-Treat Mental Health Disorders

MycoMedica Life Sciences, PBC

To enable MycoMedica to develop and commercialize Enveric's EB-002 drug candidate for neuropsychiatric disorders, with potential milestone payments of up to USD 62 million and tiered single-digit royalties.

Enveric Biosciences is a biotechnology company developing ovel neuroplastogenic small-molecule therapeutics for treating depression, anxiety, and addiction disorders. Enveric entered the psychedelic space in May 2021 by signing a definitive agreement to acquire MagicMed Industries, a biotechnology company that develops novel derivative molecules based on psychedelics. The acquisition was aimed at expanding the company’s pipeline of naturally occurring cannabinoid compounds with psychedelic-based therapeutics.&nbsp;The company’s two drug candidates include EB-003 to treat anxiety, depression and other disorders, and EB-002 to treat psychiatric disorders. Enveric, through MagicMed,&nbsp;owns a proprietary molecular derivatives library, Psybrary, through which drug developers and consumer goods companies can generate new patented substances based on N,N-dimethyltryptamine (DMT), psilocybin, and 3,4-methylenedioxymethamphetamine (MDMA). Partners can search and test the molecules in the library and collaborate with Enveric to design preferred drug candidates. In&nbsp;<a href="https://sp-edge.com/updates/31412">July 2024</a>, Enveric obtained a patent for its psilocin prodrug being developed initially for anxiety. Further in&nbsp;<a href="https://sp-edge.com/updates/35632">November 2024</a>, the company expanded its patent portfolio to nine US patents for its EVM301 series, including EB-003.&nbsp;Enveric is listed on the Nasdaq under the ticker symbol “ENVB.”Key customers and partnershipsIn&nbsp;<a href="https://sp-edge.com/updates/29421">May 2024</a>, Enveric entered into a non-binding term sheet with MindBio Therapeutics to out-license its novel psilocin prodrug candidates for mental health disorders. Further in&nbsp;<a href="https://sp-edge.com/updates/35954">November 202</a>4, it partnered with MycoMedica Life Sciences to license its EVM201 program, including drug candidate EB-002.

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 Canadian biotech firm Core One Labs maintains three primary business operations: 1) developing novel delivery systems for psychedelic medicines, 2) psilocybin manufacturing, and 3) medical clinics to provide psychedelic-assisted psychotherapy. The company has developed proprietary technology with infused strips that dissolve immediately when placed in the patient&rsquo;s mouth to deliver molecules with a higher level of bioavailability. The company plans to advance this technology to incorporate psychedelic molecules, particularly psilocybin.&nbsp;
 
 
 Core One Labs also claims it has discovered a patentable method of producing high-quality psilocybin, which it may license to pharmaceutical companies. Additionally, the company has two psychedelic clinics in Vancouver that currently support clinical trials and maintain a database of more than 275,000 patients. The company acquired Vocan Biotechnologies and Akome Biotech in May 2021 for undisclosed amounts. Akome is developing a patent-pending psychedelic drug formulation for the treatment of Alzheimer&rsquo;s Disease.&nbsp;
 
 
 Core One Labs is listed on the Canadian Securities Exchange (CSE) and OTC markets.
 
 
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Core One Labs

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 Vancouver-based Lobe Sciences (formerly GreenStar Biosciences) is a biotechnology company developing psychedelic medicines (microdose applications) and medical devices for efficient drug delivery. The company&rsquo;s main focus is the treatment of mild traumatic brain injury and post-traumatic stress disorder (PTSD). It is also conducting early studies on psilocybin combined with N-acetylcysteine (NAC), and MDMA combined with NAC as a treatment. Lobe is also developing a patent pending nasal mist transducer device for the delivery of medicines directly to the brain&rsquo;s olfactory bulb.&nbsp;
 
 
 In June 2020, Lobe acquired Eleusian Biosciences, a company focused on the development of psychedelic medicine which expanded its intellectual property portfolio with three US patent applications for psychedelic therapeutics. Lobe is also collaborating with the University of Miami&rsquo;s Miller School of Medicine to conduct preclinical studies. After its restructuring and name change, the company started trading on the Canadian Securities Exchange (CSE) in November 2020.
 
 
 
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Lobe Sciences

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 Cybin is a psychedelic biotechnology company developing treatments for psychiatric and neurological conditions. Through its Serenity Life Science division, Cybin conducted Phase II of clinical trials on using psilocybin to treat major depressive disorder. Additionally, the company's Nature's Journey division focuses on creating non-psychedelic medicinal and nutraceutical mental health products.
 
 
 Cybin is actively building a patent portfolio, including chemically-synthesized compounds, delivery mechanisms, protocols, and new drug formulations. It has also filed an International Patent Application through the Patent Cooperation Treaty, potentially covering 153 countries.&nbsp;
 
 
 In July 2023, the company announced 
 <a href="https://sp-edge.com/updates/20076">
 EMBARKCT, 
 </a>
 a streamlined version of its EMBARK training program for pivotal studies of lead candidates, CYB003 for major depressive disorder and CYB004 for generalized anxiety disorder, respectively. In 
 <a href="https://sp-edge.com/updates/27577">
 March 2024
 </a>
 , the company received a breakthrough designation from the FDA for CYB003, and expects to initiate Phase III clinical trials for the program by mid-2024.
 
 
 Cybin implements an M&amp;A strategy to grow in the psychedelic industry. It did a reverse takeover of Charmin in June 2020, raising CAD 45 million (USD 35.5 million) for clinical studies. It acquired Adelia Therapeutics in December 2020, adding novel treatments and patent applications. Also in 
 <a href="https://sp-edge.com/updates/21335">
 August 2023 
 </a>
 it acquired 
 <a href="https://sp-edge.com/companies/470858">
 Small Pharma 
 </a>
 in an all-share transaction to strengthen its psychedelic portfolio.&nbsp;
 
 
 Founded in 2019, Cybin is listed on the NEO exchange under the ticker symbol &ldquo;CYBN&rdquo; and was uplisted to the NYSE American Stock Exchange in July 2021 under the same symbol. For FY2023, the company reported a decrease in net loss by 29.7% YoY to CAD 47.5 million (USD 35 million).&nbsp;
 Further in 
 <a href="https://sp-edge.com/updates/33849">
 September 2024
 </a>
 , it completed a 38-to-1 share consolidation of its common stock which reduced the number of outstanding common shares to ~20 million. 
 
 
 Key customers and partnerships&nbsp;
 
 
 In July 2020, Cybin expanded its operations and research activities in the European region via research partnerships and transferred its intellectual property assets to its fully-owned Irish subsidiary (formed in May 2021). In July 2023, the company partnered with 
 <a href="https://sp-edge.com/updates/20455">
 Worldwide Clinical Trials
 </a>
 to develop new psychedelic-based treatment options for mental health conditions, including major depressive disorder. Further, in September 2023, the company partnered with 
 <a href="https://sp-edge.com/updates/22180">
 Fluence
 </a>
 to support Cybin's EMBARK facilitator training program.
 
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Cybin

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 Canadian cannabinoid-based therapeutics company BioNxt Solutions
 (formerly Xphyto Therapeutics) announced in November 2020 that it has expanded its drug development program to incorporate a number of psychedelic compounds. This includes substances such as psilocybin, mescaline, LSD, MDMA, and DMT. Xphyto&rsquo;s initial focus is on developing standardized drug formulations with efficient delivery mechanisms for therapeutic use.
 
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BioNxt Solutions

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 New York-based Gilgamesh Pharmaceuticals is a biotechnology company developing psychedelic-inspired medicines for neuropsychiatric conditions such as depression, anxiety, addiction, and cognitive deficits. The company has three research programs in its pipeline: 1) Serotonergic Micro-Dose&ndash;a non psychedelic therapeutic treatment for attention deficit hyperactivity disorder (ADHD) and mood/anxiety disorders, 2) Arylcyclohexylamine&ndash;an improved molecule of ketamine for treatment-resistant depression and opiate use disorder, and 3) Novel Ibogaine Analogue&ndash;for the treatment of substance use disorders.&nbsp;
 
 
 Gilgamesh is one of the few psychedelic companies launched by the startup accelerator Y Combinator, and as such enjoys the accelerator&rsquo;s world-famous business expertise and network.
 
 
 Key customers and partnerships
 
 
 In 
 <a href="https://sp-edge.com/updates/29382">
 May 2024
 </a>
 , the company partnered with AbbVie to leverage AbbVie's psychiatric expertise and Gilgamesh's research platform to create novel &quot;neuroplastogens.&quot; 
 
 
 Funding and Financials
 
 
 In 
 <a href="https://sp-edge.com/updates/27575">
 March 2024
 </a>
 , the company received a grant of&nbsp; USD 14 million from the National Institute on Drug Abuse to develop the GM-3009 compound. Prior to this, it raised USD 39 million in a 
 <a href="https://sp-edge.com/updates/15359">
 Series B 
 </a>
 funding round led by Prime Movers Lab in December 2022. 
 
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Gilgamesh Pharmaceuticals

Companies conducting research on psychedelic compounds and developing novel therapeutics.

Companies operating digital platforms to deliver psychedelic therapies including psychedelic integration, virtual experiences, and mental coaching and tracking. AI drug discovery companies specializing in psychedelic therapeutics are also included.

Companies operating clinics and treatment centers to deliver psychedelic therapies.

Companies supplying psychedelic compounds through cultivation, chemical synthesis and biosynthesis for medical research and drug development.

Companies building a patent portfolio of novel analogs and derivatives of first-generation psychedelics and new drug delivery mechanisms. 

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 Enveric Biosciences, a biotech company specializing in neuroplastogen development, has entered into a licensing agreement with MycoMedica Life Sciences, a clinical-stage biotech company. This agreement involves Enveric’s EVM201 program, which includes the drug candidate EB-002.
 
According to the agreement, MycoMedica gains global exclusive rights to develop EB-002, a synthetic prodrug aimed at treating neuropsychiatric disorders. The contract also stipulates potential milestone payments that could reach up to USD 62 million. Additionally, there will be tiered single-digit royalties on any future sales. The responsibility for all future development and commercialization will be assumed by MycoMedica.
 
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/31412"> July 2024 </a> , Enveric Biosciences secured a US patent for EB-002. This partnership enables Enveric to benefit from MycoMedica's commercialization of EB-002 through milestone payments and royalties, as it advances for neuropsychiatric treatments.

Enveric Biosciences

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