Enveric in out-licensing deal with MycoMedica Life for EB-002

Enveric Biosciences (ENVB) announced that the Company has executed a licensing agreement with MycoMedica Life Sciences, out-licensing the Company’s EVM201 program, including drug candidate EB-002. Pursuant to the terms of licensing agreement, MycoMedica will seek to develop EB-002, formerly EB-373, a synthetic prodrug of the active metabolite psilocin, in treatment of neuropsychiatric disorders such as depression. MycoMedica will receive an exclusive, global license to the formulations, drugs, method of use, and medical devices developed by Enveric to utilize the compound. MycoMedica would assume responsibility for all future preclinical, clinical, and commercial development on a royalty-bearing basis for all human and animal pharmaceutical applications. As part of the license agreement, if certain conditions are met, Enveric is eligible to receive upfront, development, and sales milestones potentially totaling up to $62M , plus tiered single digit royalties on all future sales. The license grants sublicensing rights and cash buyout options to MycoMedica. “We are excited to enter into this licensing agreement with Enveric and continue the development of EB-002 as we seek to advance new treatment options for patients with neuropsychiatric disorders,” said Sanjay Dube M.D., MycoMedica’s Chief Executive Officer and Chief Medical Officer. Enveric’s efforts are now focused on the development of EB-003, the Company’s novel, potentially first-in-class, neuroplastogen, with the intention to file an Investigational New Drug application in 2025.