Enveric Biosciences' Lead Drug EB-003 Begins IND-Enabling Genotoxicity Studies
ENVB sits 29% above its 52-week low of $1.71.
Summary
Enveric Biosciences has initiated IND-enabling genotoxicity studies for its lead neuroplastogen candidate, EB-003. This is a crucial preclinical step required before the company can file an Investigational New Drug (IND) application to begin human clinical trials. This positive development follows the positive preclinical results for EB-003 reported in late March. For a micro-cap biotech with a history of going concern warnings and recent shareholder rejection of a capital-raising proposal, progress in its core drug pipeline is vital for its future. The next milestone will be the successful completion of these studies and the subsequent IND filing.
At the time of this announcement, ENVB was trading at $2.20 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $8.3M. The 52-week trading range was $1.71 to $17.64. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.