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CAMBRIDGE, Mass. - Enveric Biosciences (NASDAQ: ENVB), a biotechnology firm focusing on psychiatric and neurological treatments, announced the issuance of a U.S. patent for novel compounds potentially beneficial in treating sleep and central nervous system (CNS) disorders. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.08, indicating solid short-term financial stability despite challenging market conditions. The patent, titled "Hydroxylated Psilocybin Derivatives and Methods of Using," was granted for a class of molecules showing selective binding to the melatonin MT1 receptor, a key regulator of sleep-wake cycles.
The compounds, derived from Enveric’s drug discovery platform, could serve as MT1-selective agonists, a promising development in the creation of new sleep therapeutics. These molecules also interact with other CNS-relevant receptor systems, suggesting a broader application across various psychiatric and neurological conditions.
The patent aligns with existing FDA-approved therapies that target melatonergic pathways, such as ramelteon for insomnia and agomelatine for major depressive disorder, providing market validation for this approach.
Dr. Joseph Tucker, CEO of Enveric Biosciences, stated that the patent enhances the company’s strategic position to advance differentiated candidates in markets where current treatments are limited. Enveric aims to develop a robust intellectual property portfolio and is progressing its lead molecule, EB-003, towards clinical trials for neuropsychiatric disorders. InvestingPro analysis suggests the stock is currently trading below its Fair Value, though investors should note that analysts don’t expect profitability this year. Get access to 10+ additional exclusive ProTips and comprehensive financial metrics with InvestingPro.
The company, with a proprietary Psybrary™ platform, is headquartered in Naples, FL, with offices in Cambridge, MA, and Calgary, AB, Canada. While the press release includes forward-looking statements, actual results may differ, and the company’s plans are subject to various factors and uncertainties. The stock has experienced significant volatility, with a 89% decline over the past year, though it maintains more cash than debt on its balance sheet.
This news is based on a press release statement from Enveric Biosciences.
In other recent news, Enveric Biosciences has announced significant preclinical findings for its drug candidate, EB-003, which showed promising results in a depression model. The compound demonstrated efficacy in reducing depression-like behavior in mice, comparable to established antidepressants, with no adverse effects observed over extended dosing. Additionally, Enveric has filed a provisional patent for new molecules aimed at neurodegenerative diseases, potentially expanding its therapeutic reach. The molecules are designed to enhance brain-derived neurotrophic factor activity, which could be beneficial for conditions like Alzheimer’s Disease. In another development, Enveric has changed its accounting firm, replacing Marcum LLP with CBIZ CPAs P.C., following an acquisition. This change comes amid scrutiny over the company’s financial sustainability, as previous reports noted a material weakness in internal controls. Moreover, the company has initiated a process to license or sell its PsyAI trademark portfolio, aligning with its strategic focus on drug development. Lastly, Enveric has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the exchange.
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