Enveric Biosciences Inc ENVB trades 95% higher today after the U.S. Patent and Trademark Office (USPTO) issued a Notice of Allowance for a new patent application titled “N-heterocycle substituted tryptamine derivatives and methods of using.”
This patent covers Enveric’s EVM301 Series, including its lead candidate EB-003 (a non-hallucinogenic serotonin receptor agonist in preclinical development for depressive and anxiety disorders).
It includes composition-of-matter and method-of-use claims, potentially expanding the company’s intellectual property to additional neuroplastogenic molecules for treating neuropsychiatric conditions and addiction.
CEO Joseph Tucker commented the development as a key step in “reinforcing our patent estate around our lead asset, EB-003, and the EVM301 Series,” aimed at generating shareholder value.
The stock closed yesterday at $5.24 and now is trading above $11.10. ENVB has a 12-month trading range between $4.88 to $96.30. The stock is down 90% year to date.
In a recent move the company decided the spin-off of its cannabinoid clinical development pipeline to a wholly-owned subsidiary, Akos Biosciences Inc.
Enveric Biosciences Inc. ENVB is a biotechnology company developing neuroplastogenic small-molecule therapeutics for neuropsychiatric disorders like depression, anxiety, and addiction.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
