Enveric Biosciences has entered a non-binding term sheet with MindBio Therapeutics for the out-licensing of a class of psilocin prodrugs (NPP) aimed at treating mental health disorders.

The NPP molecules are created to metabolise and release therapeutic systemic psilocin levels at varying rates.

The library of NPP compounds of Enveric comprises molecules with enhanced gastrointestinal stability and absorption, and variable pharmacokinetic properties due to cleavable substitutions.

MindBio will develop a drug candidate from the licensed NPP class for neuropsychiatric conditions such as depression.

Upon finalising a definitive agreement, the company would gain an exclusive global licence for the drugs, formulations, methods of usage and devices developed to use the compound from Enveric.

MindBio would also take over all the preclinical, clinical and commercial development responsibilities for both human and animal pharmaceutical applications on a royalty-bearing basis.

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Enveric is subsequently eligible to receive up to an aggregate of $66.5m in development and sales milestones, along with royalties on all future sales from MindBio.

The deal also includes rights for sublicensing and options for a cash buyout.

MindBio Therapeutics CEO Justin Hanka stated: “We are pleased to explore an opportunity to draw on the molecular discovery engine at Enveric and believe this novel and patented asset significantly strengthens our intellectual property pipeline and aligns with our strategy to develop innovative, protected compounds with fine-tuned formulation and dosing strategies.

“We look forward to the prospect of progressing this asset into clinical trials as we seek to bring important and beneficial therapies to patients in need.”

In December 2023, Enveric selected EB-003 as the lead drug candidate from its EVM301 series for difficult-to-treat mental health disorders.