Enveric Biosciences and Aries Science & Technology , a developer of encapsulation technologies, today announced that Patent No. 12,059,393 was issued on August 13, 2024, to Enveric’s wholly-owned subsidiary, Akos Biosciences or Akos. We believe the newly issued intellectual property strengthens Enveric’s patent portfolio. On July 15 , Enveric announced entering into a Licensing Agreement between Aries and Akos for the clinical development of Enveric’s now-patented topical product for radiation dermatitis and other conditions. “The additional patent issuance greatly enhances investment potential in the subsidiary being formed by Aries to advance a CBD-based lotion, which has demonstrated promising preliminary results in early-stage animal tests conducted by Enveric,” said Dr. Ramanathan Lalgudi, Founder and CEO of Aries. “We believe the newly issued patent is key to launching a protectable and proprietary formulation, as we work to develop treatments to reduce the side effects and increase the tolerance of radiation therapy and enhance the life of millions of cancer patients suffering from radiation dermatitis.” …Under the terms of the Licensing Agreement with Aries, assuming success in meeting all conditions in the Licensing Agreement, Enveric will be eligible to receive aggregate milestone payments of up to $61M , as well as tiered royalties ranging from 2.5% to 10% on future sales.
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