The biotechnology company Enveric Biosciences Inc. (NASDAQ: ENVB) stock is skyrocketing this morning. As of this writing, before the market opens, the stock price is already climbing more than 80%. Wining a license from an oncology-focused biopharmaceutical company has been driving the stock higher.
What’s the news actually about?
Enveric Biosciences, a patient-centered biotechnology company, is developing new cannabinoid medicines rigorously tested to improve symptom management in the patients living with the disease like cancer. Radiodermatitis, a commonly occurring, typically severe side effect of radiotherapy, and chemotherapy-induced neuropathy are among the initial indications.
Today, Enveric announced that it has signed a definitive agreement to acquire a perpetual exclusive license from the biopharmaceutical company Diverse Biotech, focused on producing new molecules to treat debilitating diseases including cancer. Cancer patients experience a range of side effects that can be alleviated with Enveric’s new drugs.
In order to expand its pipeline of development candidates, Enveric intends to leverage Diverse Biotech’s patented, advanced chemistry drug delivery platform to conjugate cannabidiol with existing, accepted standard-of-care drugs to develop better therapeutic outcomes for patients.
The agreement adds to Enveric’s list of target indications by obtaining five molecules, four of which are focused on dermatological issues, and one will be developed for pain management. Throughout pre-clinical and clinical activities, Enveric will also have an access to engineers and formulators at Diverse Biotech to carry out working on synthesizing and validating these drugs.