Why Are Enveric Biosciences Shares Climbing?

Enveric Biosciences, Inc. ENVB shares nearly doubled Wednesday afternoon after the company received its second notice of allowance regarding its patent application related to its EVM201 series.

What To Know: Notices of Allowance are issued by the United States Patent and Trademark Office (USPTO) after it has made a determination that a patent should be granted. It's likely that the company's patent titled, "C4-Carboxylic Acid-Substituted Tryptamine Derivatives and Methods of Using," will be issued soon.

This patent is structurally different than the company's other recently announced notice of allowance and covers a composition of matter claims for a family of novel prodrug derivatives of psilocin.

"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," said Joseph Tucker, 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."

Related Link: Enveric Biosciences Announces Publication of Four Patent Applications for Psychedelic-Inspired Drug Candidates

ENVB Price Action: Enveric Biosciences shares were up 98.1% at $6.24 at the time of this publication according to Benzinga Pro.

Photo: Steve Buissinne from Pixabay