12:10 PM EDT, 03/19/2024 (MT Newswires) -- Enveric Biosciences ( ENVB ) said Tuesday it signed two non-binding term sheets to out-license cannabinoid-COX-2 conjugate compounds for the treatment of joint diseases to an undisclosed biotechnology company, potentially yielding milestone payments of $82 million.

The licensee is responsible for product development in all human and animal joint pathology, encompassing pharmaceutical and non-pharmaceutical applications and will receive exclusive, royalty-bearing global licenses for the development, marketing, and sublicensing of the compounds, Enveric said.

The company said it could receive milestone payments up to $61 million for pharmaceutical applications and up to $21 million for non-pharmaceutical applications, on meeting specific conditions and sales criteria outlined in the term sheets.

The compounds are novel entities, consisting of cannabinoids conjugated with COX-2 inhibitors and selected steroids, Enveric said.

Enveric shares were nearly 11% higher in recent trading.

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