The decision to sell this portfolio stems from the Company's reported focus on developing “psychedelic-inspired drug technologies that offer the potential to treat severe mental health disorders without the hallucinogenic effect typically associated with psychedelic-based molecules,” such as EB-002 and EB-003.
EB-002 is a synthetic prodrug of psilocin - an inactive compound that develops into an active drug once metabolized through the body. It aims to replicate the effect of psilocin, found in a variety of fungi species, to address treatment-resistant anxiety. According to research on the psilocin prodrug, it has “the potential to maintain the long-term benefits of psilocybin therapy while attenuating the duration of psychedelic effects.”
EB-003 is a neuroplastogen that promotes brain functioning in a manner similar to traditional psychedelics without inducing psychoactive effects such as hallucinations. The company believes EB-003 will be particularly impactful as a “treatment for difficult to address mental health disorders.”
According to the Director and CEO of the Company,
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