ENVB shares are rising in the premarket on 7th September 2021. ENVB stock saw a gain of 0.76% to reach $2.65. However, the last trading session closed at $2.63 with an increase of 19%.
What’s going on?
Enveric Biosciences, Inc is a pharmaceutical company that focuses on the research and development of cannabis medications to treat cancer. Its major goal is to provide medicines with no negative side effects for patients.
There is no latest news for EVNB, however, there is certain recent news that you need to know.
ENVB Announces Approval from Israel’s Ministry of Health to Begin its Phase 1/2 Trial of Triple-Combination CBD Treatment for Glioblastoma
It was announced on 18th August 2021 that the Israeli Ministry of Health has given the company permission to begin the Phase 1/2 portion regarding its study of lead asset, EV101, which is looking into the safety and efficacy of synthetic cannabidiol (CBD). Reactions are also observed when given alone or in combination with clomiphene and temozolomide to treat patients with recurrent or progressive glioblastoma (GBM). Dr. Tali Siegal, the study’s principal investigator, will perform the research at the Davidoff Institute of Oncology at Rabin Medical Center in Israel.
Definitive Agreement to Acquire MagicMed Industries by ENVB
It was stated on 24th May 2021 that ENVG acquires MagicMed industries.
MagicMed Industries Inc. (“MagicMed”), a privately-held biotechnology company focused on developing a library of novel derivative psychedelic molecules such as psilocybin, N, N-dimethyltryptamine (DMT), and other molecular derivatives with applications across multiple indications, has announced that it has entered into a definitive agreement to acquire it in an all-stock transaction.
MagicMed has focused on the discovery and early development of novel drug candidates, structurally related to psychedelics, with vastly improved pharmaceutical characteristics and commercial potential for the treatment of neurological and psychological indications, using its extensive R&D capabilities at the state-of-the-art facility at the University of Calgary.
ENVB announced First Quarter 2021 Results
The results of the first quarter of 2021 were announced by ENVB on 18 May 2021.
During the three months ended March 31, 2021, net cash used in operating activities was $3,162,278. This included a net loss of $3,250,711, offset by liabilities of $136,640.
Operating costs for Enveric climbed to $6,764,997 in the quarter ending March 31, 2021. These stats were increased from the previous first quarter ending on 31 Market 2020. The rise was largely due to a $5,770,343 increase in general and administrative fees, as well as a $157,952 increase in research and development expenditures.
Stock-based compensation of $3,591,565, stock option modification expense of $298,714, and an increase in public company compliance expenses of $582,667 all contributed to the rise in general and administrative fees.
