Enveric Biosciences, Inc. ENVB Shares nearly doubled Wednesday afternoon after the company received its second approval notice regarding its patent application related to its EVM201 series.

What you should know: Permission notices are issued by the United States Patent and Trademark Office (USPTO) after it has decided that a patent should be granted. The company’s patent entitled “C4-Carboxylic Acid-Substituted Tryptamine Derivatives and Methods of Using” is likely to be issued soon.

Structurally distinct from the Company’s other recently announced approval notices, this patent covers composition of matter claims for a family of novel prodrug derivatives of psilocin.

“This latest approval notice related to our EVM201 series highlights the unique psilocin prodrug designs being developed by our research and development team that differ from other psilocybin-assisted therapies in both design and expected function,” said Joseph TuckerDirector and CEO of Enveric.

“Protecting intellectual property to protect our technological advances is a critical part of our growth strategy and we anticipate several more claims for both our EVM201 and EVM301 series in the coming months.”

Related link: Enveric Biosciences announces the publication of four patent applications for psychedelic-inspired drug candidates

ENVB Price Promotion: Enveric Biosciences shares were up 98.1% to $6.24, according to data at the time of this writing Gasoline Pro.

Photo: Steve Buissine from Pixabay