Benzinga | Mar 10, 2021 09:24AM EST

Enveric Biosciences Stock Skyrockets After Licensing Agreement With Diverse Biotech

Enveric Biosciences Inc (NASDAQ: ENVB) soars in the premarket in reaction to acquiring an exclusive, perpetual license for novel molecules from Diverse Biotech. It is a biopharmaceutical company focused on developing new molecules for oncology.

* Through the conjugation of cannabidiol (CBD) with existing standard-of-care drugs via Diverse Biotech's chemistry drug delivery platform, Enveric intends to expand its pipeline of development candidates into oncology supportive care indications.

* As part of the agreement, Enveric will add to the Company's list of target indications by obtaining five molecules, four of which are dermatology-focused and one that is pain-focused.

* Price Action: ENVB jumps 65.5% at $4.84 in premarket trading on the last check Wednesday.