Enveric Biosciences To Sell Cannabinoid-Related Cancer Intellectual Property; Stock Up In Pre-Market

(RTTNews) - Biotechnology company, Enveric Biosciences, Inc. (ENVB), Friday announced that it has agreed to divest cancer-targeting cannabinoid-related intellectual property for an undisclosed amount.

The company stated that the proceeds from the sale would be utilized for the development of its lead candidates EB-003, a first-in-class neuroplastogen designed to eliminate hallucinations, and EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin.

The divested portfolio includes patents and applications for the use of cannabidiol combined with therapeutic agents for the treatment of cancer, in addition to patents issued in the U.S., Australia, Canada, China, Europe, and Japan.

In the pre-market activity, Enveric's stock is trading at $0.99, up 15.25 percent over the previous close of $0.857 on the Nasdaq.