Enveric Biosciences (NASDAQ:ENVB) stock is soaring Wednesday morning after announcing its purchase of exclusive licenses for five novel molecules from Diverse Biotech.
In a press release Wednesday morning, Enveric announced its acquisition of the rights to four dermatology-focused and one pain-focused molecule developed by Diverse Biotech. The company hopes to utilize these molecules in its research going forward.
Enveric is a small biopharma outfit working in the development of CBD medicines. The company aims to improve the quality of life of cancer patients by easing side effects associated with radiation treatment.
This relationship will allow the company to experiment with its longstanding CBD research alongside more traditional pharmaceuticals. Additionally, it gives Enveric access to Diverse’s team of scientists for assistance in synthesizing these medicines. The collaboration will allow Enveric to expand its research from radio-dermatitis and neuropathy treatment to include oncological treatments as well.
Alongside the announcement, Enveric chairman and CEO David Johnson expressed his excitement toward the partnership:
“We are confident that, with this impressive team of experts and Diverse Biotech’s conjugate technology platform, this relationship can help us to expand our potential treatment options for cancer patients who continue to suffer around the globe.”
Investors should be keeping a close eye on ENVB stock. This news doesn’t just reinforce Enveric’s place in the biopharma world. It also opens the door for the company to expand its focus going forward.
Investors should, however, be aware of the risks with ENVB stock. Enveric is a very small company, with a market capitalization of about $100 million.
ENVB stock was up 120% as of Wednesday morning.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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