Microdosing For Depression: Psychedelics Biotech Signs $66.5M Non-Binding Deal To Out-License Novel Psilocin Prodrug Candidate
Portfolio Pulse from Nina Zdinjak
Enveric Biosciences (NASDAQ:ENVB) has signed a non-binding term sheet with MindBio Therapeutics to out-license a class of Novel Psilocin Prodrugs for treating neuropsychiatric conditions. The deal could lead to MindBio advancing a drug candidate, with potential payments to Enveric up to $66.5 million plus royalties. This partnership aims to leverage psychedelic-based compounds for neuropsychiatric treatments, highlighting the synergy between Enveric's molecular discovery and MindBio's innovative approach.
May 14, 2024 | 12:00 pm
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Enveric Biosciences has entered a non-binding agreement with MindBio Therapeutics to out-license Novel Psilocin Prodrugs, potentially receiving up to $66.5 million plus royalties. This partnership could significantly enhance Enveric's financial position and market standing in the psychedelics and neuropsychiatric treatment sector.
The deal with MindBio Therapeutics represents a significant potential revenue stream for Enveric Biosciences, which could positively impact its financial health and stock price in the short term. The partnership's focus on developing treatments for neuropsychiatric conditions using psychedelic-based compounds could also enhance Enveric's reputation in the biotech and mental health sectors, potentially leading to increased investor interest.
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