Peer-reviewed article describes the creation of a library of novel prodrug derivatives of psilocin from which EB-373 was selected

Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today announced a research article describing the development of lead therapeutic candidate, EB-373, a novel psilocin prodrug, will be published on the cover of the Journal of Medicinal Chemistry, a peer-reviewed journal published by the American Chemical Society (ACS).

The article entitled, “Novel psilocin prodrugs with altered pharmacological properties as candidate therapies for treatment-resistant anxiety disorders,” describes the creation of a library of novel prodrug derivatives of psilocin, incorporating a diversity of established and metabolically amenable functional groups that alter the absorption, physiological processing, and overall exposure of this psychoactive agent. The modifications made in the generation of the library of compounds offer the potential to reduce the duration of the psychedelic experience generated by psilocybin, while maintaining the long-term mental health benefits of psilocin.

“The publication in the Journal of Medicinal Chemistry, notably as the issue’s cover article, is a major step in validating the proficiency of Enveric’s innovation engine by demonstrating the comprehensive processes employed to rapidly generate and screen a large library of novel psilocin compounds,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “As described in the peer reviewed article, our team of leading researchers have developed a rigorous approach to evaluating novel Psybrary compounds, integrating numerous screening assays with early preclinical assessments to quickly identify promising compounds and allow us to confidently nominate drug candidates, with the highest therapeutic potential.”

Enveric is advancing preclinical development of EB-373 with extensive toxicology and tolerability studies that have continued to generate promising regulatory data establishing favorable safety profile for the novel psilocybin prodrug. The company expects to complete all enabling preclinical studies by the end of 2023.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of psychiatric disorders. Enveric is also advancing its second program, the EVM301 Series, expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

Forward-Looking Statements

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