Enveric Biosciences (NASDAQ:ENVB) issued a letter to shareholders from its CEO Joseph Tucker, highlighting the milestones of 2021 and the strategic plans for 2022.
“2021 was a foundational year that set the stage for our company by assembling a talented and expert team to execute our strategy for the future,” said Tucker in a statement. “As we move forward in 2022, we find ourselves strategically positioned with a strengthened balance sheet, a deep bench of experienced industry professionals, a platform for new drug discovery, a robust IP portfolio, and a growing pipeline of what we believe to be promising drug candidates.”
Tucker noted that the foundation of Enveric's growth in 2022 will be built upon three pillars – its drug development pipeline, drug discovery process, and intellectual property strategy.
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As a part of its drug development pipeline, the company said it is focused on the psychedelic-based drug discovery engine, which is operating to address many targeted unmet needs, starting with the planned execution of Phase II clinical trial in cancer-related distress (CRD).
The Florida-based company said it will be working with its lead indication, a first-generation psychedelic asset, EVM-101.
Under its drug discovery strategy, the company said that it has designed hundreds of potential lead drug candidates for enriching our second generation and third generation pipeline programs with the aim of progressing towards several future development candidate nominations in target undisclosed indications.
Tucker noted that through the intellectual property strategy, the company is going to continue to invent new drug candidates and employ internationally filed patent applications to claim the compositions, methods of manufacture, and clinical uses.
In 2022, 12 international Patent Cooperation Treaty (PCT) patent applications are expected to be published. Seven Provisional US Patent Applications are expected to be converted to international PCT Patent Applications, and two additional Provisional US Patent Applications are expected to be filed, Tucker said in the letter.
The company’s 2021 highlights were as follows:
- Enveric launched as a patient-centric biotechnology company, employing innovation and scientific leadership as core principles.
- Raised $25 million; added to AdvisorShares Psychedelics ETF
- Acquired MagicMed Industries Inc (CSE:MGIC).; Exclusively licensed novel molecules from Diverse Biotech
- Filed 15 patent applications with claims directed to millions of individual molecules; Launched PsyAI, a proprietary artificial intelligence platform
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