Enveric Biosciences Signs Non-Binding Term Sheet for Exclusive License to Patented Methods Using Cannabinoids for Treatment of Breast and Other Cancers

DENVER, Colo., May 08, 2024 (247marketnews.com)- Enveric Biosciences, Inc (NASDAQ:ENVB) signed a non-binding term sheet with an undisclosed biotechnology development and commercialization company, under which Enveric, as the Licensee, will to exclusively out-license two patent families of Methods for Treating Breast Cancer and Other Cancers for development through additional discovery and preclinical stages using cannabinoids in combination with chemotherapeutic drugs to treat cancer.

If certain conditions are met, the Licensee will pay Enveric a License Execution Fee and development and sales milestones up to $61 Million, and royalties on all future sales, while Enveric will receive an exclusive, global license to the methods, and devices and drugs developed to practice the methods, which feature using cannabinoids in combination with chemotherapeutic drugs and will assume responsibility for all future preclinical and clinical development on a royalty-bearing basis for all human and animal pharmaceutical applications.