Enveric Biosciences, a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, announced the company will build on its recent business development momentum by soliciting Requests-For-Proposal (“RFPs”) for license or sale of its PsyAI™ trademark portfolio as a means of maximizing value for an asset which is no longer strategic given the Company’s focus on drug development. This limited portfolio of US and Canadian trademark assets is held by its subsidiary, Enveric Biosciences Canada, Inc. Enveric has already received two expressions of interest in the licensing or sale of the portfolio of PsyAI™ marks, which has jump-started the RFP process for auctioning the marks.
The PsyAI trademark portfolio was filed with the intent to use it in “providing online non-downloadable computer software for data analytics, machine learning, knowledge management, and predictive analysis of biostatistical data and treatment data, in the field of medical research.” However, the Company has determined that it is in its best interest to focus on the development of its lead compound, EB-003, a potential first-in-class neuroplastogen designed to promote neuroplasticity without inducing hallucinations, which allows the company to pursue monetizing the PsyAI mark through the license or sale to others.
Enveric believes the PsyAI mark is well positioned for possible uses across various industries, particularly at the intersection of psychiatric medicine and Artificial Intelligence (AI). AI continues to disrupt traditional business sectors, including healthcare, that until now have been dominated by person-to-person relationships. According to Precedence Research, the global AI market is projected to reach $757B by 2025, while Markets and Markets forecasts the global AI healthcare segment to be valued at $14.9B in 2024. Additionally, Market.us estimates that the global Mental Health AI market will grow from $0.9B in 2023 to $14.9 billion by 2033.
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The demand for AI-driven healthcare solutions is expanding, with applications in diagnostics, treatment planning, patient monitoring, and personalized medicine. AI-powered platforms, including interactive interfaces and avatars, are increasingly used for remote consultations, decision support, and predictive analytics. Many organizations are actively developing AI-driven software for research, clinical applications, and healthcare data analytics, leveraging machine learning and automation to enhance efficiency and patient outcomes. The PsyAI™ mark could serve as a valuable asset in these evolving healthcare markets, supporting AI-drive advancements across multiple medical disciplines.
The period for receiving RFPs for license or sale of the PsyAI portfolio is now open and will remain open until August 31, 2025, with a decision to follow within three (3) months thereafter. RFPs are expected to include an outline of the services for which the proposer expects to use the mark, its corporate history in AI and expected future commitment to AI-supported services, and its proposed key financial and business terms.
“We are pleased to have already received expressions of interest in license or purchase of the Enveric’s PsyAI mark and are excited about the potential receipt of RFPs as a path to private auction and maximizing the value captured from this asset. We believe that in the current technology environment this trademark portfolio holds considerable value for those seeking to penetrate the market for services that can positively impact research and support patients in the psychiatric and counseling markets,” said Joseph Tucker, Ph.D., CEO of Enveric. “Now that Enveric is fully focused on the development of EB-003, the PsyAI mark is no longer central to our core growth strategy. We believe this RFP process can be another way in which Enveric can seek to derive value from its assets while it continues its leadership role in the industry by advancing the development of our innovative drug candidate, EB-003, for the treatment of neuropsychiatric conditions.”
Source: Businesswire
