Aries and Enveric Announce Key US Patent Issuance for Radiation Dermatitis Treatment

Enveric Biosciences, a biotechnology company centered on the development of innovative neuroplastogens for treating neuropsychiatric conditions, along with Aries Science & Technology, a developer of encapsulation technologies, announced that Enveric’s subsidiary, Akos Biosciences, Inc., has been granted Patent No. 12,059,393. This patent issuance on August 13, 2024, signifies a critical enhancement to Enveric's intellectual property portfolio.

On July 15, 2024, Enveric disclosed it had entered into a Licensing Agreement with Aries and Akos for the clinical development of Enveric’s now-patented topical product aimed at treating radiation dermatitis and other conditions. This new patent is expected to significantly boost the investment potential in a subsidiary being formed by Aries to advance a CBD-based lotion. This product has shown promising preliminary results in early-stage animal tests conducted by Enveric.

Dr. Ramanathan Lalgudi, Founder and CEO of Aries, expressed optimism about the impact of the new patent, highlighting its role in launching a protectable and proprietary formulation. Dr. Lalgudi emphasized that this development is essential in creating treatments to mitigate the side effects of radiation therapy and improve the quality of life for cancer patients suffering from radiation dermatitis.

Furthering its commitment to advancing this opportunity, Aries has nominated Dr. Hari Harikumar as Chairman-elect of the new subsidiary. Dr. Harikumar brings a wealth of experience as a successful techno-commercial entrepreneur involved with multiple companies.

Dr. Joseph Tucker, CEO of Enveric, stated that the patent issuance and Aries’ dedication to the new technology validate the economic and commercial potential of Enveric’s innovations. He underscored the importance of the relationship with Aries, expressing confidence in their ability to develop and deliver the CBD product to patients.

The Licensing Agreement with Aries is structured to potentially provide Enveric with aggregate milestone payments up to $61 million, contingent on meeting all conditions stipulated in the agreement. Additionally, Enveric will be eligible for tiered royalties ranging from 2.5% to 10% on future sales.

Aries Science and Technology LLC, with research laboratories in Columbus, Ohio, possesses significant technical expertise relevant to the envisioned product forms. Aries aims to establish an investable subsidiary devoted to completing the development, commercialization, and launch of the topical product. The company projects a potential product pipeline that features multiple patented formulations.

Enveric Biosciences is dedicated to developing novel neuroplastogenic small-molecule therapeutics to treat depression, anxiety, and addiction disorders. With its unique discovery and development platform, the Psybrary™, Enveric has created a substantial intellectual property portfolio of new chemical entities tailored for specific mental health conditions. The company's lead program, EB-003, represents a pioneering approach to treating complex mental health disorders, designed to promote neuroplasticity without causing hallucinations. Additionally, Enveric is developing EB-002, a next-generation synthetic prodrug of psilocin, intended for treating psychiatric disorders. Enveric operates from Naples, FL, with offices in Cambridge, MA, and Calgary, AB, Canada.