Aries Science & Technology and Enveric Biosciences Announce Issuance of Key US Patent Under Aries’ License for Treatment of Radiation Dermatitis and Other Conditions

Enveric Biosciences (NASDAQ: ENVB) (“Enveric”), a biotechnology company dedicated to the development of novel neuroplastogens for the treatment of neuropsychiatric disorders, and Aries Science & Technology (“Aries”), a developer of encapsulation technologies, today announced that Patent No. 12,059,393 was issued on August 13, 2024, to Enveric’s wholly-owned subsidiary, Akos Biosciences, Inc. (“Akos”).

We believe the newly issued intellectual property strengthens Enveric’s patent portfolio. On July 15, 2024, Enveric announced entering into a Licensing Agreement between Aries and Akos for the clinical development of Enveric’s now-patented topical product for radiation dermatitis and other conditions (“Licensing Agreement”).

“The additional patent issuance greatly enhances investment potential in the subsidiary being formed by Aries to advance a CBD-based lotion, which has demonstrated promising preliminary results in early-stage animal tests conducted by Enveric,” said Dr. Ramanathan Lalgudi, Founder and CEO of Aries. “We believe the newly issued patent is key to launching a protectable and proprietary formulation, as we work to develop treatments to reduce the side effects and increase the tolerance of radiation therapy and enhance the life of millions of cancer patients suffering from radiation dermatitis.”

Aries earlier announced its nomination of Hari Harikumar, Ph.D., as Chairman-elect of an Aries subsidiary being formed to advance this opportunity. Dr. Harikumar is a successful techno-commercial entrepreneur having experience with multiple companies.

“We believe the patent issuance and Aries’ commitment to this novel technology strongly validates both the potential economic and commercial benefit of Enveric’s innovations and our commitment to providing solutions that address patient needs,” said Joseph Tucker, Ph.D., CEO of Enveric. “We deeply value Enveric’s relationship with Aries and are confident in their ability to develop the CBD product and bring it to patients.”

“The out-licensing of the CBD-related technology, and our ongoing relationship with Aries, supports Enveric’s mission by allowing us to focus our resources on the development of our lead neuroplastogen drug candidate, EB-003, for the treatment of critical neuropsychiatric disorders,” said Dr. Tucker.

Under the terms of the Licensing Agreement with Aries, assuming success in meeting all conditions in the Licensing Agreement, Enveric will be eligible to receive aggregate milestone payments of up to $61 million, as well as tiered royalties ranging from 2.5% to 10% on future sales.