Shares of biotechnology firm Enveric Biosciences (NASDAQ: ENVB) are surging on Wednesday after the company said it has acquired an exclusive, perpetual license from Diverse Biotech, a biopharmaceutical company focused on developing new molecules for treating oncology and other debilitating diseases.
Enveric said it plans to research and develop the new drugs to alleviate the side effects that cancer patients experience.
Enveric’s share price is currently up 101.71% at $5.91, initially climbing to $7 per share following the news.
As part of the agreement, Enveric will add to the Diverse Biotech’s list of target indications by obtaining five molecules, four of which are dermatology-focused and one that is pain-focused.
Enveric will also gain access to Diverse Biotech's scientists and formulators to help synthesize and validate these drugs as they move through pre-clinical and clinical activities.
“This is an exclusive, novel way of bringing together CBD and well-known, existing compounds that hold promise to create a new, improved drug class,” said David Johnson, Chairman and CEO, Enveric Biosciences.
“Our new molecules from Diverse Biotech provide us with more options to address these difficult indications while building on our IP portfolio and expanding our access to leading scientific talent,” added Johnson.
