Enveric Biosciences Concludes Acquisition Of Privately Held MagicMed Industries

Enveric Biosciences (ENVB), a biotechnology company developing cannabinoid medicines, on Friday announced the closing of its acquisition of privately held MagicMed Industries Inc.

With the acquisition, Enveric intends to build a pipeline of proprietary psychedelic assets through MagicMed's molecular derivatives library, the Psybrary, which is a portfolio of patented drug candidates. Enveric plans to expand into a next-generation neuroscience drug discovery platform of novel psychedelics to address mental health challenges such as cancer related distress, Post-traumatic stress disorder (PTSD), anxiety, depression and pain.

"With both psychedelic derived molecules and cannabinoids, we have a robust pipeline to take us from discovery through clinical development. Our platform has the potential to disrupt and unlock much needed mental health treatments through psychedelic therapies," commented Dr. Joseph Tucker, incoming CEO of Enveric.

As per the deal, Enveric issued 9,951,237 common shares to MagicMed shareholders. Upon closing, Enveric shareholders own about 68.3% and previous MagicMed shareholders own approximately 31.7% of the combined company's stock.

Additionally, Enveric received approximately C$4 million in cash from the MagicMed Treasury.

The company has appointed Joseph Tucker, former CEO of MagicMed, as CEO of Enveric.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Target is set to make holiday shopping more easier than ever by providing customers additional functionalities to make pickups and deliveries extra convenient. Customers can now personalize their shopping experience by changing their needs and schedule to match changes in their plans. General Electric Company (GE) said it delivered a strong third quarter as orders grew, and margins continued to improve from a year ago. Adjusted GE Industrial organic profit increased 54% year-on-year, organically, driven primarily by increases at Aviation and Power, partially offset by decreases at... Ward Hill, Massachusetts-based Cedar's Mediterranean Foods is recalling Cedar's Organic Mediterranean Hommus citing undeclared pine nut, an allergen, the U.S. Food and Drug Administration said. The Cedar's Organic Mediterranean Hommus is packaged in a 10 oz. plastic container, with a UPC Code: 044115403028.
Follow RTT