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Enveric Biosciences (ENVB) announced its board of directors authorized the company’s Capital Markets Committee to explore digital asset treasury strategy opportunities. The biotechnology company said any potential arrangements would require additional review and approval by the full board.
The Cambridge, Massachusetts-based company develops neuroplastogenic small molecules for psychiatric and neurological disorders. Enveric stated the digital asset treasury initiative aims to enhance shareholder value and support long-term growth while maintaining focus on its core biotechnology programs.
The company’s lead candidate, EB-003, targets both 5-HT₂A and 5-HT₁B receptors to deliver antidepressant and anxiolytic effects without hallucinogenic properties. Enveric said EB-003 represents the first known compound designed to selectively engage both receptor types.
The announcement comes as part of ongoing efforts to explore value creation opportunities beyond the company’s primary drug development pipeline. Enveric indicated it would provide updates on developments as they occur.
The company noted in forward-looking statements that actual results could differ materially from expectations due to various factors including the ability to implement a digital asset treasury strategy, obtain regulatory approvals, and secure future funding for product development.