Enveric Biosciences Inc. (NASDAQ: ENVB) is moving in range after releasing a letter to stockholders ahead of the company’s annual shareholder meeting and finalizing the MagicMed transaction. In May, MagicMed signed an all-stock transaction definitive agreement for its acquisition by Enveric.
Enveric is a biotech company that develops proprietary therapeutics drugs seeking to enhance patients’ quality of life who have cancer. With the deal nearing completion, the company’s CEO David Johnson issued a letter to shareholders outlining Q2 financials and the progress of the acquisition.
Johnson said they are optimistic that the pending deal will complement the company’s current product development initiatives focusi9ng on physical symptoms. He pointed out that Enveric will benefit from a platform for proprietary psychedelics addressing various mental health issues connected to CNS indications like anxiety, PTSD, pain, and depression.Johnson explained that they filed their Q2 and 1H financial last week, showing a strong balance sheet of around $20 million in cash without debt. Ahead of the MagicMed transaction ENVB is worth watching.
Market Reaction:
On Tuesday, ENVB stock fell 0.51% at $1.94 with more than 11.56 million shares, compared to its average volume of 1.66 million shares. The stock has moved within a range of $1.8400 – 2.2800 after opening the trade at $2.18.
