Enveric Biosciences Shares Pop 20% After Out-Licensing Deals Valued Up to $82M

Dow Jones03-19

By Denny Jacob

Enveric Biosciences shares popped 20% to $1.32 after news of out-licensing cannabinoid-COX-2 conjugate compounds for pharmaceutical and non-pharmaceutical applications for treatment of joint diseases.

The stock is down 28% over the last 12 months.

The biotechnology company disclosed it signed two non-binding term sheets with an undisclosed biotechnology company.

Enveric said it could receive milestone payments that total up to $82 million through the out-licensing of the two assets and meeting various development and sales milestones.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 19, 2024 10:46 ET (14:46 GMT)

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