(RTTNews) - Cambridge, Massachusetts-based Enveric Biosciences, Inc. (ENVB), a biotechnology company focused on developing treatments for mental health disorders, has priced its public offering of 1.67 million shares of common stock at $3.00 each, along with accompanying warrants to purchase up to an additional 1.67 million shares at the same price.
The offering is expected to close on February 3, 2025, and is anticipated to generate gross proceeds of $5 million.
The Series A warrants will expire in five years, while the Series B warrants will expire in 18 months.
The company intends to use the net proceeds from this offering for product development, working capital, and general corporate purposes.
Underwriters of the offering: H.C. Wainwright & Co.
Pipeline and Near-term Catalysts: Enveric's lead candidate, EB-003, is a potential first-in-class neuroplastogen designed to promote neuroplasticity without inducing hallucinations in patients suffering from mental health disorders such as depression, anxiety, and addiction.
The company is advancing EB-003 toward clinical trials for neuropsychiatric disorders.
The company anticipates submitting an Investigational New Drug or IND application for EB-003 to the U.S. Food and Drug Administration in the second half of 2025.
ENVB closed Thursday's trading at $3.90 down by 9.30%. In premarket trading on Friday, the stock is down 40.0% at $2.34.
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