Benzinga | Mar 16, 2021 08:32AM EDT

Diverse Biotech Announces Strategic Transaction With Enveric Biosciences To License Exclusive Worldwide Development, Commercialization Rights For 5 Novel Compounds

Diverse Biotech, Inc. www.diversebiotech.com announced today that it has finalized a strategic transaction with Enveric Biosciences to license exclusive worldwide development and commercialization rights for five novel compounds to address the adverse side effects of cancer treatments. Diverse Biotech has created a highly advanced chemistry drug discovery platform that combines cannabinoids with other molecules to create new drug candidates with potentially greater efficacy and a more favorable side effect profile than standard therapy. Under the terms of the agreement, Diverse will receive an undisclosed up-front payment and royalties on sales of commercialized compounds in the territory.

"We are excited to collaborate with the outstanding leadership team at Enveric to take these important molecules from our novel conjugate chemistry platform into the supportive care indications of oncology. We believe that this relationship has the potential to advance this science more rapidly and efficiently, which ultimately better serves patients and allows us to focus on cancer treatment." said Brian Longstreet, Interim CEO, Diverse Biotech. Brian adds "With potentially thousands of new chemical entities covered by our intellectual property patents, we believe this is just the beginning of future partnerships with companies looking to expand their drug portfolio."