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Enveric Biosciences Announces EB-003 as Lead Drug Candidate for Mental Health Disorders; Stock Jumps 37%

New York, December 28, 2023 – Enveric Biosciences (NASDAQ: ENVB), a biotechnology company specializing in developing novel treatments for mental health disorders, has named EB-003 as the lead candidate from its EVM301 Series. This series targets depression, anxiety, and addiction disorders. The selection of EB-003 is a key milestone for Enveric, transitioning the company from a discovery phase to a drug development phase. EB-003 is chosen for its potential to enhance neuroplasticity without causing hallucinations.

In response to the announcement, Enveric experienced a significant boost in its stock value, soaring to $1.78. This represents a 37% increase from its closing price on the previous day.

Joseph Tucker, Ph.D., Director and CEO of Enveric, emphasized the significance of this development: “Selection of EB-003 as the lead development candidate from our EVM301 Series is an important inflection point for Enveric and our mission to develop groundbreaking, psychedelic-inspired drug technologies that offer the potential to treat severe mental health disorders without the hallucinogenic effect typically associated with psychedelic-based molecules. We now look forward to initiating IND enabling activities in early 2024 that will enable us to file an IND and start clinical trials of EB-003 as we seek to introduce a new treatment paradigm for depression and anxiety disorders.”

Key Highlights of EB-003:

Selection Process: Identified through Enveric’s proprietary PsyAI™ platform, EB-003 was selected after extensive analysis of its interaction with the 5-HT2A receptor.

Reduced Hallucinogenic Effects: In mice, EB-003 showed a low head-twitch response at all doses, indicating a lower likelihood of causing hallucinations in humans.

Neuroplasticity Enhancement: Comparable to the hallucinogen N,N-dimethyltryptamine (DMT) in promoting neuroplasticity.

Receptor Interaction: EB-003 partially agonizes the 5-HT2A receptor and binds to the 5-HT1A receptor, linked to alleviating anxiety and depression, without affecting the 5-HT2B receptor associated with cardiac risks.

Drug Delivery and Safety: Demonstrates moderate exposure and high membrane permeability, suggesting effective brain penetration. Its toxicity is comparable or lower than DMT and psilocin, indicating good tolerability.

Enveric is planning to commence preclinical studies of EB-003 in 2024, aiming to support an Investigational New Drug (IND) application with the FDA.

EVNB is a featured company in the PRISM Emerging Psychedelics Index.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of psychiatric disorders. Enveric is also advancing its second product, EB-003, as a first-in-class approach to the treatment of difficult-to-address mental health disorders by promoting neuroplasticity without inducing hallucinations in the patient.

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