Enveric Biosciences Sells Cancer Patents As It Paves Way For Mental Health Treatments
Portfolio Pulse from Jelena Martinovic
Enveric Biosciences Inc. (NASDAQ:ENVB) has agreed to sell a cancer-related patent portfolio, including patents in multiple countries and pending applications. This move allows Enveric to focus on developing treatments for mental health disorders, specifically with its candidates EB-003 and EB-002. The sale will support the company's investment in neuroplastogens for treating depression, anxiety, and addiction disorders.
February 23, 2024 | 6:51 pm
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Enveric Biosciences sells its cancer-related patent portfolio to concentrate on mental health treatment development, specifically EB-003 and EB-002.
The sale of the cancer-related patent portfolio by Enveric Biosciences represents a strategic shift towards focusing on mental health treatments, which could be seen positively by investors interested in the growing mental health market. This move could potentially increase investor confidence in ENVB's commitment to developing its neuroplastogen candidates, EB-003 and EB-002, aimed at treating depression, anxiety, and addiction disorders. The financial details of the sale were not disclosed, but the transaction is expected to provide necessary funding for the company's focused investment in its mental health treatment pipeline, which could have a positive short-term impact on ENVB's stock price.
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