RTTNews | Sep 17, 2021 08:04AM EDT

08:04 Friday, September 17, 2021 (RTTNews.com) - Enveric Biosciences (ENVB), a biotechnology company developing cannabinoid medicines, on Friday announced the closing of its acquisition of privately held MagicMed Industries Inc.

With the acquisition, Enveric intends to build a pipeline of proprietary psychedelic assets through MagicMed's molecular derivatives library, the Psybrary, which is a portfolio of patented drug candidates. Enveric plans to expand into a next-generation neuroscience drug discovery platform of novel psychedelics to address mental health challenges such as cancer related distress, Post-traumatic stress disorder (PTSD), anxiety, depression and pain.

"With both psychedelic derived molecules and cannabinoids, we have a robust pipeline to take us from discovery through clinical development. Our platform has the potential to disrupt and unlock much needed mental health treatments through psychedelic therapies," commented Dr. Joseph Tucker, incoming CEO of Enveric.

As per the deal, Enveric issued 9,951,237 common shares to MagicMed shareholders. Upon closing, Enveric shareholders own about 68.3% and previous MagicMed shareholders own approximately 31.7% of the combined company's stock.

Additionally, Enveric received approximately C$4 million in cash from the MagicMed Treasury. The company has appointed Joseph Tucker, former CEO of MagicMed, as CEO of Enveric.

Read the original article on RTTNews ( https://www.rttnews.com/3226539/enveric-biosciences-concludes-acquisition-of-privately-held-magicmed-industries.aspx)

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