The latest move will enable Enveric to expand its development candidates pipeline through cannabidiol (CBD) conjugation with existing, standard-of-care drugs via the Diverse Biotech advanced chemistry drug delivery platform.
Enveric intends to research and develop these new drugs to lessen the side effects experienced by cancer patients.
Diverse Biotech Interim CEO Brian Longstreet said: “This exclusive licensing agreement with Enveric aims to expand our CBD conjugate platform into oncology supportive care indications for the first time.
“We believe that our collaboration has the potential to advance this science more efficiently, ultimately bringing therapies to market faster to help serve unmet medical needs in this large patient population.”
According to the agreement, Enveric will expand its list of target indications by acquiring five molecules, four of which are dermatology-focused, and one focuses on pain.
Furthermore, the company will utilise Diverse Biotech scientists and formulators to help synthesise and validate these drugs during pre-clinical and clinical activities.
Enveric Biosciences chairman and CEO David Johnson said: “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.
“With its anti-inflammatory properties, CBD holds so much potential to help these patients, especially since status-quo treatments are not an adequate solution.
“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.”