Enveric soars ~40% on upcoming US patent linked to derivatives for psilocin prodrug
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- Enveric Biosciences (NASDAQ:ENVB) said it received a notice of allowance (NOA) from the U.S. Patent and Trademark Office (USPTO) for an application involving its EVM201 Series.
- The patent to be issued is titled, “C4-Carboxylic Acid-Substituted Tryptamine Derivatives and Methods of Using."
- The company noted that the patent would cover composition of matter claims for a family of novel prodrug derivatives of psilocin which is different from a recently announced NOA for C4-carbonothioate-substituted tryptamine derivatives.
- This is the second NOA from the USPTO for the EVM201 Series, according to the company.
- "This latest Notice of Allowance related to our EVM201 Series highlights the unique psilocin prodrug designs being developed by our R&D team, which are differentiated from other psilocybin-assisted therapies in both design and expected function," said Enveric's CEO and Director Joseph Tucker.
- Enveric expects the two patents will provide an intellectual property governing psilocin prodrugs aimed to potentially elicit a more rapid onset of action, more controlled therapeutic effect, and reduced gastrointestinal side-effects versus conventional psilocin prodrugs, such as psilocybin.
- ENVB +40.63% to $4.43 premarket May 24