MindBio Therapeutics Enters $66.5 Million Deal with Enveric Biosciences for Psilocin Prodrug Development

MindBio Therapeutics, a clinical stage biopharma company, announced a non-binding term sheet with Enveric Biosciences to out-license a Novel Psilocin Prodrugs (NPP) class for neuropsychiatric treatments. This pre-agreement could lead to a definitive $66.5 million collaboration focusing on microdosing to mitigate the hallucinogenic effects of psychedelics.

The term sheet specifies that MindBio will harbor exclusive, global licensing rights to develop and commercialize the NPP for conditions such as depression. Success in negotiations will involve milestone payments and royalties to Enveric. These NPPs are engineered for controlled psilocin release, potentially providing a new treatment avenue for mental health disorders.

Joseph Tucker, Enveric's CEO, expressed optimism about the partnership's potential to harness psychedelic compounds for acute neuropsychiatric conditions. Justin Hanka, CEO of MindBio, highlighted the strategic fit of the NPP with their microdosing-focused innovation agenda and the plan to progress the drug to clinical trials.