Enveric is advancing EB-373, a psilocin prodrug for anxiety disorders and its EVM301 Series of novel non-hallucinatory brain plastogens to treat mental health disorders.

CAMBRIDGE, Mass. / May 02, 2023 / Business Wire / Enveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, today announced its support of Mental Health Awareness Month this May as the company advances its novel development programs to improve the treatment of mental health disorders.

Anxiety disorders continue to be a large unmet need, affecting approximately 40 million adults in the U.S., around 19.1% of the population every year, according to the Anxiety & Depression Association of America.¹ Anxiety disorders including generalized anxiety, panic disorder, social anxiety disorder, and phobias affect people in a wide variety of ways, and can be debilitating, chronic, and severely harmful to their quality of life. Enveric is developing therapies that target the underlying biology of mental health conditions, with a focus on reducing symptoms and improving patients' overall well-being.

Enveric’s lead development candidate for the treatment of anxiety disorders, EB-373, is a proprietary psilocin prodrug selected from Enveric’s EVM201 Series and developed leveraging the Company’s Psybrary™ drug discovery platform. Enveric is planning to conduct a multi-cohort, dose-ascending study Phase 1 clinical trial of EB-373 to evaluate the drug’s safety and tolerability. Additionally, Enveric is advancing its next generation EVM301 Series aimed at eliminating the psychedelic experience, reducing safety concerns, improving brain plasticity, and hence offering a novel and holistic approach for treating central nervous system disorders.

“We are proud to join other leaders and organizations in the mental health community to commemorate May as Mental Health Awareness Month,” said Joseph Tucker, Ph.D., Director and CEO of Enveric Biosciences. “Mental health diseases impact millions of people in the United States and around the world, however they often go undiagnosed and mistreated because the symptoms are not as ‘visible’ as other biological diseases. As such, it is important as an industry that we utilize all opportunities to build awareness and capitalize on breakthroughs in drug design and research, including the advancement of psychedelic-derived compounds, to develop better treatments for anxiety disorders and other mental health conditions.”

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders. Leveraging its unique discovery and development platform, The 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 psilocybin analogues that are considered prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of anxiety disorders. Enveric is also advancing its third generation of therapeutics, the EVM301 Series, to offer a holistic approach for treating central nervous system disorders. 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

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,”” expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to successfully spin-off its cannabinoid assets; the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.