Florida-based biotechnology company Enveric Biosciences has signed a non-binding agreement to out-license its class of novel psilocin prodrugs (NPP) to Vancouver-based biotechnology company MindBio Therapeutics.

Under the terms of the partnership, MindBio will leverage Enveric's NPP molecules, which are designed to release therapeutic levels of systemic psilocin, to advance the treatment of neuropsychiatric conditions like depression. Further, MindBio would undertake all future preclinical, clinical, and commercial development, paying Enveric development and sales milestones a total of USD 66.5 million upon meeting certain conditions, along with future sales royalties. Additionally, MindBio would have the right to sublicense the technology and cash buyout options as part of the agreement.

MindBio Therapeutics is a leading biotech company focused on developing novel treatments for mental health conditions. It specializes in microdosing psychedelic medicines and is conducting clinical trials targeting major depressive disorder and existential distress in cancer patients.