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Why the stock of Enveric Biosciences Inc. (NASDAQ: ENVB) is on the rise today?

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Enveric Biosciences Inc. (NASDAQ: ENVB) showed a hike in its stock after the company has acquired a permanent license from Diverse biotech for Novel Molecules. It is the patient’s first biotechnology company that focuses on developing new molecules in order to treat oncology and debilitating diseases and highly tested novel cannabinoid medicines to better the quality of life for cancer patients.

Recent Development

The company’s main focus and goal is to help the people who are suffering from cancer by developing new drugs that possess no side effects on the patients. Enveric aims to broaden its pipeline of development candidates that aim to deliver superior therapeutic outcomes for patients by conjugating cannabidiol (CBD) with current, standard-of-care drugs using Diverse Biotech’s proprietary, advanced chemistry drug delivery platform.

The CEO of Diverse Biotech said that this licensing agreement with Enveric is determined to broaden their CBD conjugate platform into supportive care indications for oncology for the first time ever. The CEO showed his interest and confidence in this agreement to provide better and more efficient therapies for the medical issues which are unrecognized among the large patient population.

Also following this agreement Enveric will add to the list of target indications of the company through obtaining five molecules, out of which four will be for dermatology purpose and one will focus on pain relief. Alongside this, the agreement will provide access to the company to the scientists and formulators of Diverse Biotech who will help them in synthesizing and validating the drugs while the company runs through pre-clinical and clinical activities. 

Conclusion

Enveric Biosciences has a clear goal of facilitating patients suffering from cancer, supportive care needs with their already existing innovative early-stage formulations, and their progress towards their aim is highly appreciable as well as it will gain them the interest of investors.

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