10:57 AM EDT, 07/15/2024 (MT Newswires) -- Enveric Biosciences ( ENVB ) and Aries Science & Technology said Monday they signed a licensing agreement for the clinical development of Enveric's radiation dermatitis topical product.

Enveric will be eligible to receive up to $61 million in milestone payments as well as tiered royalties of 2.5% to 10% on future sales, if all conditions are met, the companies said.

Radiation dermatitis is a side effect of radiation treatment that affects about two million cancer patients annually, Enveric and Aries Science said.

Enveric shares were up 8.5% in recent trading.

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