Enveric Biosciences Acquires License For Diverse Biotech Novel Molecules

Enveric Biosciences (ENVB) has acquired an exclusive and perpetual license for Diverse Biotech's novel molecules to treat oncology and other debilitating diseases, the company announced on Thursday in a release.

The acquisition will allow Enveric to expand its development candidates pipeline through cannabidiol (CBD) conjugation with existing, standard-of-care drugs through the use of the Diverse Biotech advanced chemistry drug delivery platform.

Enveric intends to research and develop these new drugs to lessen the side effects experienced by cancer patients, according to chairman and CEO David Johnson.

"This is an exclusive, novel way of bringing together CBD and well-known, existing compounds that hold promise to create a new, improved drug class," Johnson said. "With its anti-inflammatory properties, CBD holds so much potential to help these patients, especially since status-quo treatments are not an adequate solution."

According to the agreement, Enveric will expand its list of target indications by acquiring five molecules, four of which are dermatology-focused, and one focuses on pain.

Furthermore, the company will utilize Diverse Biotech scientists and formulators to help synthesize and validate these drugs during pre-clinical and clinical activities.

"This exclusive licensing agreement with Enveric aims to expand our CBD conjugate platform into oncology supportive care indications for the first time," Diverse Biotech Interim CEO Brian Longstreet said. "We believe that our collaboration has the potential to advance this science more efficiently, ultimately bringing therapies to market faster to help serve unmet medical needs in this large patient population."

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