Enveric Bio Stock Spikes 115% After Its Novel Prodrug Of Psilocin Receives Notice Of Allowance From US Patent And Trademark Office

Enveric Biosciences, Inc. ENVB has received a notice of allowance from the United States Patent and Trademark Office for a patent application involving EB-373, the company’s new chemical entity psilocin prodrug being developed for the treatment of anxiety disorder. Shares traded up on Thursday.

The soon-to-issue patent, titled, “C₄-Carbonothioate-Substituted Tryptamine Derivatives and Methods of Using,” contains composition of matter claims for a family of novel prodrug derivatives of psilocin, including EB-373, Enveric’s lead product candidate. The USPTO issues a Notice of Allowance after making the determination that a patent should be granted from an application.

Additionally, Enveric has filed further composition of matter patent applications with the USPTO for psilocin prodrugs, including compositions comprising a crystalline molecular structure. Further, companion Patent Cooperation Treaty and non-US national patent applications have been filed to pursue global coverage of the EVM201 and EVM301 Series in target market countries, and positive International Search Reports written opinions have been received under the Patent Cooperation Treaty for a majority of those applications.

“The positive decision from the USPTO related to our lead candidate, EB-373 highlights the innovative designs of the psilocin prodrugs being developed as part of our EVM201 series, and differentiations in those designs that enable our molecules 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,” stated Joseph Tucker, Ph.D., director and CEO of Enveric. “Possessing multilayered IP for our new chemical entity prodrugs is an important value driver for Enveric and is a key component of our business strategy as we seek to create a portfolio of novel small-molecule therapeutics for the treatment of mental health disorders.”

Photo by Scott Graham on Unsplash

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