Enveric Biosciences Plans About 35 Percent Reduction In Full-time Personnel

(RTTNews) - Biotechnology company Enveric Biosciences, Inc. (ENVB) announced Monday a cost reduction plan resulting in approximately 40% to 55% decrease in expenses and extension of financial runway into the first quarter of 2024.

The operational streamlining entailed an approximately 35 percent reduction in full-time personnel, the cancelation of 7 consulting contracts focused on the cannabinoid programs and a transition from third-party service providers supporting R&D efforts to internal science teams performing this work.

The company also announced the termination of proposed spin-off of cannabinoid clinical development pipeline to a publicly traded company, Akos Biosciences, Inc. Enveric is now engaging with strategic advisors to identify and pursue alternative value-creating opportunities for cannabinoid assets.