Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today announced the presentation of two posters at the Canadian Chemical Engineering Conference (CSChE 2023) which was held October 29^th to November 1, 2023.

The first poster entitled, “Biocatalytic production of MDMA and other phenylpropylamine derivatives,” presented an alternative process for MDMA production integrating yeast-based bioconversion and biocatalytic steps. First, the Enveric research team achieved the production of milligram quantities of pure compounds in small-scale batch fermentations. The second step of MDMA bioproduction involved transamination and was achieved using a biocatalytic approach, which proved to be more efficient compared with yeast-based conversion. The purified transamination products were converted to methamphetamine derivatives, including MDMA, by chemical reduction and N-methylation.

The second poster entitled, “A synthetic biology platform for the production of novel indolethylamine derivatives as drug candidates to treat anxiety and depression,” presented bioproduction platforms, which offer an emerging alternative to traditional chemical synthesis of psychedelic-inspired molecules with a reduced hallucinogenic potential and sustained therapeutic benefits. The presentation described a collection of biosynthetic tools, including known and previously unidentified biocatalysts, enabling the production of >350 indolethylamine derivatives from simple indolic precursors. Collections of enzymes with known activities including tryptophan synthases, tryptophan decarboxylases (TDCs), halogenases, prenyltransferases, hydroxylases, kinases, N-acetyltransferases, and N-methyltransferases were screened for performance in E. coli and for substrate promiscuity. Using the synthetic biology platform, Enveric researchers were able to produce several previously undescribed, wholly novel products with important activities at target receptors.

“Our team’s presentations showcased the advantages of using metabolic engineering over synthetic chemistry to provide biosynthesis in fewer steps, avoiding complex, multi-step procedures to produce compounds with emerging potential as treatments for mental health disorders like MDMA and psilocybin, and importantly derivatives of these compounds,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “We were pleased to further demonstrate our team’s innovative work to bring novel methods to the production of New Chemical Entities as we continue to analyze psychedelic and psychedelic-inspired compounds for their potential as improved treatments for mental health conditions, including depression, anxiety, and addiction disorders.”

Details of the presentations are as follows:

Title: Biocatalytic production of MDMA and other phenylpropylamine derivatives

Presenter: Dr. Natali Ozber

Symposium: Biotechnology, Biochemical, and Biomedical Engineering

Poster presentation on Monday October 30, 2023

Title: A synthetic biology platform for the production of novel indolethylamine derivatives as drug candidates to treat anxiety and depression

Presenter: Dr. Jillian Hagel

Symposium: Biotechnology, Biochemical, and Biomedical Engineering

Poster presentation on November 1, 2023

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of psychiatric disorders. Enveric is also advancing its second program, the EVM301 Series, expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. 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, 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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