Enveric in $66.5M non-binding deal with MindBio to outlicense NPP candidates

Enveric Biosciences announced that it has signed a non-binding term sheet to out-license a class of Novel Psilocin Prodrugs or NPP, to Vancouver, BC-based MindBio Therapeutics a clinical stage biopharma company, which is pioneering novel treatments for psychiatric conditions using microdoses of psychedelic medicines. … Pursuant to the terms of the non-binding term sheet, MindBio will seek to advance a drug candidate from the NPP class for neuropsychiatric indications such as depression. The term sheet states that upon entering into a definitive agreement, MindBio would receive an exclusive, global license to the formulations, drugs, method of use, and devices developed to utilize the compound from Enveric and would assume responsibility for all future preclinical, clinical, and commercial development on a royalty-bearing basis for all human and animal pharmaceutical applications. If a definitive agreement is entered into and certain conditions are met, MindBio would pay Enveric development and sales milestones up to an aggregate $66.5M and royalties on all future sales. The license would include the right to sublicense and cash buyout options.