Enveric Biosciences Announces Development of Phase 1-Ready Formulation for EB-373 and Initiation of Scaled Up Manufacturing

New and enhanced manufacturing process now operational improving yield and purity of material and ease of process

Enveric to expand existing manufacturing agreement with CDMO partner for enhanced supply of non-GMP and GMP EB-373 drug substance

Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders, today announced the development of an improved formulation of EB-373 designed to enhance the drug product’s scalability, stability, and delivery for ongoing preclinical studies and planned clinical development. EB-373, Enveric’s lead product candidate, is a new chemical entity (NCE) psilocin prodrug being developed for the treatment of anxiety disorder.

The optimized, Phase 1-ready formulation of EB-373 utilizes a novel salt form that is expected to enable more efficient and scalable manufacturing of drug material. Enveric and its CDMO partner, which specializes in development of psilocin-based active pharmaceutical ingredients (APIs) for large-scale manufacturing, will collaborate on non-GMP manufacturing of sub-kilogram amounts of the EB-373 salt form in the near term, followed by GMP manufacturing in the coming months. The optimized formulation and manufacturing will immediately support the completion of preclinical work and will enable Enveric to fill requirements with the Australian regulatory authorities towards the initiation of clinical trials.

“The work by our team of chemists and our CDMO partner has enabled Enveric to take a key step towards the clinic with the development of an optimized formulation and manufacturing process for EB-373,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “We now possess a formulation of EB-373 that is ideally suited for the large-scale production that is needed for later-stage clinical trials and eventual commercialization, while maintaining the drug properties that make EB-373 a potentially groundbreaking treatment of anxiety disorder, including the potential for more rapid onset of action, more controlled therapeutic effect, and reduced gastrointestinal side-effects compared to conventional psilocin prodrugs.”

About EB-373

Enveric’s lead drug candidate, EB-373, is a New Chemical Entity (NCE), designed as a next-generation proprietary psilocin prodrug and developed leveraging its Psybrary™ drug discovery platform to target anxiety disorders. In preclinical studies, EB-373 interacted effectively with different types of serotonin receptors, including the serotonin 5-HT2A receptor resulting in the induction of the characteristic head twitch response in mice. In an animal behavioral model of anxiety, the Marble Burying Test in chronically stressed mice, EB-373 was able to promptly rescue the rate of marble burying on day 1 in line with the control rate at baseline, with lasting benefits up to the end of the experiment 7 days post-dose.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary™, Enveric has created a robust Intellectual Property portfolio of New Chemical Entities intended to treat specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic psilocybin analogues that are considered prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of anxiety disorders. Enveric is also advancing its third generation of therapeutics, the EVM301 Series, intended to offer a holistic approach for treating central nervous system disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,”” expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements may include historical statements and statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: carry out successful clinical programs in Australia; achieve the value creation contemplated by technical developments; avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights related to Enveric’s products, including patent protection; identify and pursue alternative routes to capture value from its cannabinoid clinical development pipeline assets; continue as a going concern; and manage its future growth effectively.

A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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