By Exec Edge Editorial Staff
Exec Edge: How did the merger between Enveric and MagicMed come about?
Enveric had been looking to complement their existing product development activities, which are focused on physical symptoms, with a platform of novel psychedelics that addresses the large mental health challenges related to CNS indications such as Cancer Related Distress such as depression, PTSD and pain.
With that in mind, they were highly impressed with MagicMed’s accomplishments, especially their library of Intellectual Property for Next Generation psychedelic molecules. Dubbed the “Psybrary™,” this proprietary library of psychedelic derivatives — combined with the existing Enveric pipeline — opens the door for multiple treatment opportunities to a large patient population. The company had already filed 14 patents for derivatives of psilocybin and DMT, with several other patent applications filed for mescaline, MDMA, and LSD in process.
Exec Edge: What are the immediate actions the company plans to take, post-merger?
Enveric intends to immediately accelerate the development of a novel psychedelic molecule for Cancer Related Distress.
Exec Edge: What will the goals be for the next 5 years?
The most important goal will be building and advancing, through clinical trials, a robust pipeline of drug candidates to meet numerous critical unmet medical needs. Enveric expects to have a portfolio of new drug candidates advancing through varying stages of clinical development.
Exec Edge: Are there any future plans to raise capital?
Yes – the merger will enable Enveric to take their best new psychedelic drug candidates through clinical trials themselves, which will require further capital raising.
Exec Edge: Who are the major players to watch?
As part of the deal, MagicMed CEO Dr. Joseph Tucker has been named CEO of the amalgamated entity, which will operate under the Enveric name. Dr. Tucker has two decades of experience as a biotechnology entrepreneur, co-founding several companies and raising tens of millions in capital. An expert in biotech and pharmaceuticals, Dr. Tucker holds seven issued patents and a doctorate in biochemistry and molecular biology. David Johnson, the former CEO of Enveric, will be continuing on as Executive Chairman.