Enveric Biosciences Appoints New Independent Directors

CAMBRIDGE, Mass.–()–Enveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today announced that it has appointed three new independent directors, Michael D. Webb, President and CEO of CXL Ophthalmics, Bevin O’Neil, Chief Strategy Officer of ECRI, and Frank Pasqualone, recently retired Chief Business Officer of Theravance, to its Board of Directors.

“We are delighted to welcome Michael, Bevin and Frank to Enveric’s Board at this exciting inflection point in our Company’s history,” said Dr. Joseph Tucker, PhD, Enveric’s Chief Executive Officer. “Collectively, Michael’s proven track record in healthcare and life sciences, Bevin’s deep expertise in business operations and fundraising experience, and Frank’s global market expertise at Theravance and Bristol-Myers Squibb, will be invaluable to Enveric as we continue to advance our drug candidates towards the clinic. Their experience and seasoned leadership will further strengthen our platform as we look to advance our drug candidates.”

Michael D. Webb

Mr. Webb has more than 25 years of experience in healthcare and life sciences. He specializes in early-stage companies focused on targeted therapeutics and molecular diagnostics. Currently, he is the President and CEO of CXL Ophthalmics. He has held Executive Chairman, Chairman, and CEO roles for numerous biotechnology companies, including venture-backed and NASDAQ-listed entities, as well as was previously the Chairman of MassBio, a biotechnology industry trade organization serving one of the top life sciences clusters in the world.

Bevin O’ Neil

Ms. O’Neil currently serves as the Chief Strategy Officer of ECRI, a nonprofit organization with 500 employees focused on advancing evidence-based, effective healthcare globally. Ms. O’Neil has over two decades of private equity, fundraising and operating experience, and has sat on several boards and audit committees of companies ranging from small entrepreneurial start-ups to global multi-billion dollar corporate enterprises.

Frank Pasqualone

Mr. Pasqualone was most recently the Chief Business Officer of Theravance Biopharma, following a 26-year career with Bristol-Myers Squibb (BMS). At BMS, he held executive leadership positions in the U.S. and globally, including President of the Intercontinental Region: Latin America, Middle East and Africa, and prior to that, President of Southern Europe. In the U.S., he ran the Oncology business as well as strategic oversight for the development and commercialization of the global oncology franchise. Mr. Pasqualone holds an M.B.A. from University of Dayton and a B.S. in Marketing from Bowling Green State University in Ohio.

About Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) is a neuroscience-focused pharmaceutical company developing next-generation, psychedelic-inspired mental health medicines. Enveric’s robust pipeline supports drug development from the clinic to commercialization aimed to help millions of patients in need around the world suffering from conditions that include cancer-related distress, PTSD and more. For additional information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,”” expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the effect that the reverse stock split may have on the price of our common stock; our ability to retain our listing on the Nasdaq Capital Market; the ability of the company to successfully spin-off its cannabinoid assets; the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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