Enveric Biosciences, Inc. (NASDAQ: ENVB) is engaged as a biotechnology company, which focused on the research and development of innovative small-molecule therapies for the treatment of anxiety, depression and addiction disorders. Shares of the biotech company are skyrocketing 90% through early trading on Thursday, May 18, 2023. Over the past three months, Enveric Biosciences has seen average daily volume of 32,720 shares. However, volume of 20.25 million shares or dollar volume of around 49.21 million, has already exchanged hands through early trading.
Shares of Enveric Biosciences are soaring after the company announced it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) in recognition of their patent application for EB-373, a psilocin prodrug and the company’s lead clinical candidate. This promising compound, designed to treat anxiety disorders, is a part of the family of C4-Carbonothioate-Substituted Tryptamine Derivatives outlined in the pending patent.
The USPTO grants a Notice of Allowance when it concludes that an invention should be patented. The patent, specifically covering EB-373 and other novel prodrugs of psilocin, is a crucial component of the intellectual property associated with Enveric’s new chemical entity (NCE). Notably, Enveric’s forthcoming patent includes composition of matter claims for these innovative compounds.
In addition to this patent, Enveric has submitted other composition of matter patent applications to the USPTO, including those detailing psilocin prodrugs with a crystalline molecular structure. Furthermore, the company has lodged Patent Cooperation Treaty (PCT) and non-US national patent applications to secure worldwide intellectual property rights for their EVM201 and EVM301 Series in specific market countries. Encouragingly, a majority of these applications have received positive International Search Reports (ISR) under the PCT.
Enveric’s CEO, Joseph Tucker, Ph.D., underscores the importance of the USPTO’s positive decision, which brings to light the innovative design and potential benefits of their psilocin prodrugs, specifically the EVM201 Series. The unique design characteristics of these compounds are projected to yield a quicker therapeutic effect, improved control of the treatment response, and fewer gastrointestinal side effects compared to traditional psilocin prodrugs, like psilocybin. For Enveric, establishing robust, multi-layered intellectual property rights around their NCE prodrugs is a key strategic priority as they aim to build a portfolio of novel small-molecule treatments for mental health disorders.
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