NASDAQ-listed Enveric Acquires MagicMed to Bring Psychedelics Derivatives to Market
May 25th, 2021
App, Exclusive, Psychedelics, Top Story
Enveric Biosciences (NASDAQ: ENVB), best-known for its pipeline of naturally occurring cannabinoid compounds, recently entered into a definitive agreement to acquire MagicMed Industries, a private biotechnology company focused on building a library of novel derivative psychedelic molecules with applications across multiple indications.
The transaction broadens Enveric Bioscience’s focus into psychedelics and complements its existing pipeline of naturally occurring cannabinoid compounds. In addition to its current focus on oncology, the move will enable the company to move into the clinic with novel therapies across oncology and central nervous system disorders, such as PTSD.
Upon closing of the transaction, MagicMed’s Dr. Joseph Tucker will be appointed Chief Executive Officer of Enveric Biosciences. Dr. Tucker is a seasoned executive that has built several publicly traded companies, including Stem Cell Therapeutics and Epimeron Inc., which became a part of Willow Biosciences Inc. during its original formation.
Drug Discovery + Clinical Stage Biotech
Enveric Biosciences has traditionally focused on identifying and developing undervalued, under-researched and naturally occurring cannabinoid compounds in partnership with leading clinics. With existing anecdotal evidence and strong patient and clinician interest, these compounds were focused on oncological conditions, such as GBM, and palliative care.
MagicMed has focused on creating a library of molecular derivatives of psilocybin and DMT, among other psychedelics. By combining non-patentable naturally occurring molecules with other building blocks, the company aims to create derivative molecules that are both patentable and customized to target specific diseases or conditions.
With the acquisition of MagicMed, Enveric Biosciences gains access to this robust derivatives library—the Psybrary™—consisting of a collection of novel psychedelic-derivative drug candidates, manufacturing methods, pharmacological data and patent filings. MagicMed has already filed 14 patent applications covering over 125 million individual molecules.
The acquisition combines this sprawling psychedelic derivative library with Enveric Bioscience’s experienced clinical team to bring its pipeline of molecules through the clinic to help serve millions of patients suffering from mental health conditions around the world. The combined platform targets a massive total addressable market underserved by today’s drugs.
What’s Next for Investors?
MagicMed’s acquisition by Enveric Biosciences represents a major leap forward for both businesses. As a NASDAQ-listed company, Enveric Biosciences has significant liquidity and capital market resources, setting it apart from many other psychedelic-focused companies that trade on junior stock exchanges, like the OTC Markets.
“Our proposed acquisition of MagicMed underscores the core fundamental mission of Enveric to form a drug discovery and clinical-stage biotechnology company with a focus on bringing forward nature-originated therapies to improve the standard of care and serve unmet needs in oncology and CNS indications,” said David Johnson, CEO of Enveric Biosciences.
With more than 200+ distinct psilocybin-derivative drug candidates synthesized at MagicMed’s state-of-the-art R&D facility in Calgary, the combined company has a psychedelics portfolio that’s ripe for near-term clinical development along with an experienced clinical development team that’s well-equipped to drive long-term shareholder value.
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