Enveric Biosciences rises on deals to out-license three drug compounds

Enveric Biosciences

29/02/2024 19:10

Feb 29 (Reuters) -    ** Shares of biotech firm Enveric
Biosciences  ENVB.O  more-than-double to $1.90
    ** ENVB signs three non-binding deals with an undisclosed
biotech co to out-license three classes of compounds
    ** Co says the compounds are part of its library of over
1,000 novel molecules generated using ENVB's AI drug-discovery
system 
     ** As part of the deal, ENVB could be eligible to receive
up to $200 million in future milestone payments
    ** The licensee would assume responsibility for all
preclinical and clinical development of the compounds- ENVB 
    ** Including session moves, stock has risen 5.2% in the last
12 months 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))