Shares of biotechnology company Enveric Biosciences (NASDAQ:ENVB) have more than doubled at the time of publishing today after it received a notice of allowance from the U.S. Patent and Trademark Office (USPTO) related to its patent application for EB-373.
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EB-373 is the lead clinical candidate of the company and is targeted for the treatment of anxiety disorder. The patent includes the composition of matter claims related to a family of novel prodrug derivatives of psilocin (including EB-373).
Joseph Tucker, PH.D., Director and CEO of Enveric commented, “Possessing multi-layered IP for our NCE (new chemical entity) prodrugs is an important value driver for Enveric and is a key component of our business strategy as we seek to create a portfolio of novel small-molecule therapeutics for the treatment of mental health disorders.”
With today’s price gains, Enveric shares have now surged nearly 134% over the past five sessions.
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