Enveric Biosciences (NASDAQ: ENVB) agreed to license one of its experimental psychedelic drug candidates to MycoMedica Life Sciences in a deal worth as much as $62 million, as the biotech company keeps its eye on its non-hallucinogenic treatments.
The agreement grants MycoMedica exclusive global rights to EB-002, a synthetic prodrug of psilocin, for treating neuropsychiatric disorders like depression, according to the company Tuesday. MycoMedica will be responsible for future development and commercialization of the compound.
