Enveric Biosciences and Aries Science & Technology a developer of encapsulation technologies announced a licensing agreement for the clinical development of Enveric’s patented radiation dermatitis topical product. Radiation dermatitis is a side effect of radiation treatment that impacts roughly two million cancer patients per year and has a market opportunity estimated at $400M annually. The formulation licensed to Aries is protected by an allowed US patent application, as well as a pending PCT application. “This product offers the potential to provide much needed relief to cancer patients suffering from the painful side effects of radiation therapy,” said Ram Lalgudi, Ph.D., CEO of Aries. “We are excited by the opportunity to advance this promising molecule to clinical trials.” …Under the terms of the agreement, executed through Enveric’s subsidiary, Akos Biosciences, Inc., 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, if all conditions are met.
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