Enveric Stock Trading Higher On Notice Of Allowance For Patent Application For Its Carboxylated Psilocybin Derivatives

Enveric Biosciences, Inc. ENVB has received a notice of allowance from the United States Patent and Trademark Office (USPTO) for a patent application pertaining to its EVM301 series of molecules being developed as potential treatments for mental health disorders.

The soon-to-issue patent titled, “Carboxylated Psilocybin Derivatives and Methods of Using” contains composition of matter claims for a family of tryptamine-based drug candidates. Enveric is progressing its EVM301 series of compounds through lead generation and candidate characterization efforts as it aims to develop compounds that engage the serotonin 5HT2a receptor and other neurotransmitter receptors to promote neuroplasticity and, consequently, therapeutic benefit without inducing the hallmark hallucinations associated with most psychedelic and psychedelic-inspired molecules. According to the company this therapeutic approach could be game-changing in the treatment of depression and anxiety disorders by offering the opportunity to administer medications without requiring a healthcare professional to be present during treatment. Enveric believes this paradigm would significantly enhance the commercial potential for its EVM301 series drug candidates when compared to the market for currently anticipated treatment modalities for first-generation psychedelics undergoing late-stage clinical studies.

“Our EVM301 Series of molecules are designed based on tryptamines, long established as potent binders of the targeted 5HT2a receptor,” stated Joseph Tucker, Ph.D., director and CEO of Enveric. “The potential to capture composition-of-matter patent claims in the tryptamine field is challenging for most entrants as the creation of novel tryptamines has been an area of concentrated scientific focus for decades. Those tryptamines currently undergoing the most widespread clinical studies, such as psilocybin, DMT and 5MeO-DMT, are also challenging to protect because they are derived from natural sources. Naturally occurring molecules are not patentable, per se, as compositions of matter, but instead require non-obvious innovations in synthesis, formulation, or method of use, to secure patents. The narrower scope inherent to these types of patents can be less effective in protecting products from marketplace competitors.”

Enveric has filed ten additional distinct patent families to date protecting its EVM301 series. Previously, Enveric announced the receipt of two notices of allowance governing its psilocin-prodrug EVM201 series.

Price Action

Enveric shares were trading 5.28% higher at $4.1585 during Monday's pre-market session.

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