logo
  

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
Royal Caribbean Group's ultra-luxury brand Silversea Cruises is set to launch the world's first hybrid-powered cruise ship in the summer of 2023. This will also be the first ship with large-scale fuel cell technology to enable emission-free port operations. The fuel cells will provide 100% of power while at port. Affco USA is recalling around 24,461 pounds of frozen raw lamb shoulder products that were not presented for import re-inspection into the U.S., the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recall involves the frozen raw lamb shoulder items that were imported on July 12, 2021. American Express Company (AXP) reported an increase in profit for the third quarter that also topped Wall Street estimates. Consolidated total revenues net of interest expense rose 25 percent year-on-year, primarily reflecting growth in Card Member spending, as well as a rise in the average discount...
RELATED NEWS
Follow RTT