Enveric Biosciences Trims Losses, Eyes Key Drug Approval For Difficult-To-Treat Mental Health Disorders
Psychedelics biotech company Enveric Biosciences (NASDAQ:ENVB) provided a corporate update and reported financial results for the third quarter ended Sept. 30, 2024.
“The third quarter of 2024 was highlighted by important progress in the development of EB-003, our neuroplastogenic molecule that is designed to address difficult-to-treat mental health disorders without inducing the hallucinogenic effect common to N,N-Dimethyltryptamine (DMT) and related analogs,” stated Joseph Tucker, Ph.D., director and CEO of Enveric. “Among the key achievements, data confirmed that EB-003 has the potential to be delivered via oral administration and penetrate the brain at levels expected to elicit the desired therapeutic effect. Additionally, preclinical safety and pharmacology studies confirmed that EB-003 targets desired serotonergic receptors while minimizing potentially harmful, off-target interactions common to serotonin-like drug compounds. These are clear differentiators for EB-003, which we believe will add to its value potential.”
Tucker says that “drug technologies that minimize or eliminate the hallucinogenic effect in molecules targeting the 5-HT2A receptor have the potential to become the gold standard in one or more neuropsychiatric indications.” The company plans to submit an EB-003 Investigational New Drug (IND) …