Enveric Stock Soars On Reception Of Notice Of Allowance For Patent Application For Its Psilocin Prodrug Designs

Enveric Biosciences, Inc. ENVB, a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a patent application involving its EVM201 Series. This is the second Notice of Allowance from the USPTO for intellectual property governing the EVM201 Series. Notices of Allowance are issued by the USPTO after it has made a determination that a patent should be granted from an application.

The soon-to-issue patent, titled, “C4-Carboxylic Acid-Substituted Tryptamine Derivatives and Methods of Using,” contains composition of matter claims for a family of novel prodrug derivatives of psilocin that is structurally different from the recently announced Notice of Allowance for C4-carbonothioate-substituted tryptamine derivatives. Collectively, it is expected that the two patent families will provide Enveric with a robust intellectual property portfolio governing psilocin prodrugs designed to potentially elicit a more rapid onset of action, more controlled therapeutic effect, and reduced gastrointestinal side-effects compared to conventional psilocin prodrugs, such as psilocybin.

“This latest Notice of Allowance related to our EVM201 Series highlights the unique psilocin prodrug designs being developed by our R&D team, which are differentiated from other psilocybin-assisted therapies in both design and expected function,” stated Joseph Tucker, Ph.D., director and CEO of Enveric. “Securing intellectual property to protect our technological advances is a critical component to our growth strategy, and we anticipate multiple additional claims in the coming months for both our EVM201 and EVM301 Series.”

In addition to the two EVM201 Series-focused Notices of Allowance, Enveric has filed 10 distinct patent families to date protecting its EVM301 Series. Enveric’s EVM301 Series of small molecule therapies are specifically designed to promote neuroplasticity and show efficacy in animal models of depression and anxiety without inducing the hallmark hallucinations of other psychedelic or psychedelic-inspired agents.

Price Action

Enveric Biosciences shares were trading 37.78% higher at $4.34 during Wednesday’s pre-market session.

Photo: Benzinga edit with photos by 4339272 on pixabay and Nathalie De Boever on pexels

Related News

Enveric Releases Paper Detailing The Development Of Novel Psilocin Prodrugs For The Treatment Of Mental Health Disorders