Whitefish, Montana–(Newsfile Corp. – August 2, 2021) –
Enveric and MagicMed
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As the cannabis industry strives to gain widespread acceptance in the mainstream, scientific studies into the potential benefits of the plant and its active ingredients play a key role in reaching that goal. There are currently very few approved pharmaceutical drug applications for cannabinoids, but that could change. After decades of effective prohibition there is a growing body of research surrounding cannabinoids, and more drug approvals are likely to follow.
All of the above applies equally to the promising area of psychedelic research, though the psychedelic industry is at an even earlier stage than the cannabis industry. Studies point to potential benefits for patients suffering from conditions such as PTSD, anxiety, addiction, and depression to name a few. More research is needed and getting psychedelics into clinical trials is really the next step.
Two companies on the verge of a merger are looking to push clinical research forward in both areas. Enveric Biosciences (NASDAQ: ENVB) is a pioneer in cannabinoid research that recently announced a Phase 1/2 trial focused on CBD as a complementary treatment for recurrent cases of the devastating brain cancer glioblastoma (GBM). Enveric also recently announced a definitive agreement to acquire and combine with MagicMed Industries, a leader in the research and development of novel derivative psychedelic molecules designed for clinical use. The combination of the two companies has the potential to greatly advance pharmaceutical development in both sectors.
Enveric’s clinical trial has been approved by the Israeli Ministry of Health and will be conducted at the Davidoff Institute of Oncology, Rabin Medical Center, in Israel under Principal Investigator Dr. Tali Siegal. Israel has long been a global leader in cannabis research with the backing of the federal government, and the country continues to push the boundaries of our knowledge of the plant and its benefits.
GBM is the most common and lethal form of cancer affecting the central nervous system. Five year survival rates for patients with the disease are very poor, with about 5% surviving through that time and the average length of survival less than two years. Despite much research over the last few decades, these rates remain largely unchanged.
Enveric is studying the combination of its lead synthetic CBD candidate, EV101, with two currently accepted forms of treatment for GBM. Preclinical data supports the idea of the combined treatments, which suggest that CBD may improve the efficacy of chemo- or immuno-therapies while potentially allowing for lower doses of chemotherapeutic agents.
Glioblastoma tumors express CB2 receptors, which are the channels through which CBD and other cannabinoids are thought to exert their anti-cancer effects. Research indicates CBD may induce apoptosis, or cell death, in cancer cells. The results of Enveric’s Phase 1/2 trial could greatly further the understanding of these mechanisms and ideally improve outcomes for GBM patients.
The Combined Company
MagicMed has established a growing library, called the Psybrary™, of novel compounds based on or derived from psychedelic molecules such as psilocybin and DMT. The company’s approach is to create patentable drug candidates that enhance the therapeutic effects of the naturally occurring molecules. MagicMed’s expertise lies in research and development, and its business model is to sell or license these drug candidates to pharmaceutical companies, like Enveric, with the capabilities to conduct clinical trials.
With the pending acquisition, the combined companies would be able to keep the whole process, from drug discovery and molecule development through clinical trials and drug approval, under one roof. The hope is to advance psychedelic therapies and research into the mainstream and, of course, gain approvals for drug treatments of major indications like anxiety, PTSD, and depression. The fact that Enveric is listed on the NASDAQ and has clinical trial experience should only work to the benefit of achieving those goals, both in terms of access to capital for development and more generally the acceptance of psychedelic research in the investment community.
Once the deal is finalized, some members of the MagicMed executive team will assume their existing roles in the new version of Enveric Biosciences. CEO Dr. Joseph Tucker will become CEO of Enveric, with current Enveric CEO David Johnson becoming the Executive Chairman. Meanwhile, MagicMed CSO Dr. Peter Facchini and CTO Dr. Jillian Hagel will be named to the same positions in the new company.
Investors interested in early mover companies in emerging health care sectors may want to track Enveric Biosciences’ development. Upcoming inflection points include the GBM trial, the finalization of the merger between MagicMed and Enveric, and the further development of potential psychedelic therapies. The combined capabilities of the two companies could serve to greatly enhance our understanding of both cannabis and psychedelic science after decades of neglect. Stay tuned.
About CFN Enterprises Inc.
CFN Enterprises Inc. (OTCQB: CNFN) is a digital media and ecommerce company focused on advancing businesses and brands in highly regulated emerging industries across the globe. CFN connects investors with new market opportunities while helping consumers find innovative products that enhance their lives. Learn more at www.cfnenterprisesinc.com.
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Use of Forward-looking Statements
This press release may contain forward-looking statements from CFN Enterprises Inc. within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. For example, when CFN Enterprises Inc. describes Enveric Biosciences business, and uses other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, CFN Enterprises Inc. is using forward-looking statements. These forward-looking statements are based on the current expectations of the management of CFN Enterprises Inc. only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial markets; the regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; changes in applicable laws; compliance with extensive government regulation; public opinion and perception of the cannabis industry; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products and services; or, loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of CFN Enterprises Inc. to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, CFN Enterprises Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting CFN Enterprises Inc., reference is made to CFN Enterprises Inc.’s reports filed from time to time with the Securities and Exchange Commission.
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