Enveric Biosciences Issues Shareholder Letter Providing Strategic Vision for Advancing Novel Prescription Supportive Care Cancer TherapiesJanuary 19, 2021
Advancing pipeline with naturally occurring and synthetic compounds initially focused on the development of cannabinoids for pharmaceutical use
Enveric has assembled a highly accomplished executive team, Board of Directors and Scientific Advisory Board to guide the Company through the regulatory and clinical pathway
Company evaluating business development opportunities for expanding IP portfolio and product pipeline to tackle new indications for additional treatments
NAPLES, Fla., Jan. 19, 2021 /PRNewswire/ -- Enveric Biosciences, Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a patient-first biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, today issued a shareholder letter from its Chairman and CEO, David Johnson, providing an update on the Company's corporate initiatives and vision.
On behalf of our executive team and Board of Directors, I would like to express our sincere gratitude to you all for your loyalty and support throughout the process of completing our Nasdaq listing, name change and most recently the closing of our $10 million financing.
We believe that Enveric Biosciences is now well-positioned to execute its vision to extend and enhance quality of life for cancer patients in need through researching and developing novel supportive care therapies that have the potential to add life to patients' years, not just years to their lives.
Our team is working to advance our pipeline and achieve this goal – all the while addressing a significant unmet medical need in the world today. This strategy is intended to enable the clinical teams of oncologists and nurses help patients continuing to suffer from cancer treatments' debilitating side effects.
This is a large market with little to no recent clinical innovation that we are aware of to address these supportive care indications. As a result, patients are forced to suffer agonizing physical and mental side effects from the standard of care cancer treatments, such as radiodermatitis, chemotherapy-induced peripheral neuropathy (CIPN), depression, pain, and anxiety. These side effects not only impact treatment compliance and patient outcomes, but they also negatively impact patient quality of life.
To address this problem, Enveric's mission is to identify and develop undervalued, under-researched, novel prescription compounds that are naturally occurring or synthetic. Our extensive data suggests that cannabinoid derivatives and other natural active compounds, including psychedelics, can be leveraged across multiple delivery methods for these supportive care indications to serve the patient, mind, and body.
The closing of our recent tender exchange at the end of December 2020 and financings were important milestones, as we believe it positioned us to better accelerate our pipeline's research and development. In 2021, we intend to achieve multiple milestones across several indications with the leadership and expertise of our executive team, Board of Directors and Scientific Advisory Board.
Highly Accomplished Executive Leadership Team, Board of Directors and Scientific Advisory Board
We have assembled a deep and diverse executive management team, with leaders who come from Bristol Myers Squibb, Pfizer, Merck, Abbott, Baxter and other global healthcare and biotechnology companies. Collectively, our team has successfully led multiple therapies throughout the entire regulatory process, with substantial expertise in product development, dermatology, wound healing, oncology, intellectual property, and the capital markets.
Our Board of Directors and Scientific Advisory Board members have equally impressive backgrounds; each bringing to bear a passion for excellent patient care, cannabinoids and oncology. Leveraging these experts' knowledge, we believe that Enveric is well-positioned to rapidly advance its pipeline of novel medicines with the aim of becoming an adjunct to standard of care treatments.
Extensive, Innovative Pipeline: Multiple Ways to Serve Patients
There is a large, unfulfilled need in supportive care not only for cancer patients but also for those who suffer from other debilitating illnesses. Enveric's robust portfolio of novel therapeutic candidates span several indications.
Radiation Dermatitis and CIPN - We believe cannabinoid therapy has the potential for positive effects in dermatology indications, such as radiation dermatitis, and on the nervous system, such as in CIPN. We are seeking to partner with leading oncology centers in the U.S. to collaborate on new product formulations across both indications and are working to be in the clinic in 2021.
Glioblastoma Multiforme - Our data suggests that cannabinoids, in combination with other pharmacologic interventions, may have the potential to treat glioblastoma. Our team is working closely with the Israeli Ministry of Health (MOH), Center for Cannabis, for approval to move forward with a Phase 1/2 study. We expect to enroll patients in Israel shortly after MOH approval.
As part of our strategy, we intend to partner with leading medical institutions to leverage their strengths in both process and infrastructure to more efficiently bring our novel compounds and therapies to market. This approach should provide a time- and cost-efficient path to commercialization in the best interest of patients and their families, clinicians, and our shareholders.
Public Listing and Recent Financing to Advance Pipeline
We believe that we are well-positioned to accelerate the advancement of our clinical pipeline after closing on our recent $10 million financing. Our strengthened balance sheet and Nasdaq listing should enhance Enveric's financial visibility and provide optionality for further financing and M&A opportunities.
The Opportunity Ahead - Business Development
With a thoughtful and disciplined process, we believe there are many outstanding opportunities to bolster our pipeline and expand Enveric's intellectual property portfolio with compelling assets that are complementary to our patient-first, supportive care focus. We are evaluating other important areas of focus to expand into additional supportive care indications and further build our intellectual property portfolio.
In closing, I want to again extend my gratitude to our shareholders for their continued support of our vision and investment opportunity. We strongly believe that supportive care, our targeted market segment, is underserved and has lacked innovation for far too long. We have the right team, strategy and public company platform in place to succeed.
Thank you for your loyalty and commitment to Enveric Biosciences.
Chairman and CEO
About Enveric Biosciences
Enveric Biosciences is a patient-first biotechnology company developing rigorously tested, novel, cannabinoid medicines to improve quality of life for cancer patients. Initial indications include radiodermatitis, a common and often severe side effect of radiation therapy, and chemotherapy-induced neuropathy. For more information, please visit https://www.enveric.com/.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the impact of the novel coronavirus (COVID-19) on the Company's ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on the Company's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company's registration statement on Form S-4 filed on May 28, 2020, as amended. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Valter Pinto / Allison Soss
KCSA Strategic Communications
212.896.1254 / 212.896.1267
Caitlin Kasunich / Raquel Cona
KCSA Strategic Communications
212.896.1241 / 516.779.2630
SOURCE Enveric Biosciences