30+ year pharmaceutical industry veteran joins
Enveric’s executive team to lead company’s financial and capital
markets activities.
Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”),
a biotechnology company dedicated to the development of novel
small-molecule therapeutics for the treatment of anxiety,
depression, and addiction disorders, announced today the
appointment of Kevin Coveney, CPA, to the position of Chief
Financial Officer, effective March 13, 2023. Mr. Coveney brings 30+
years of accounting, finance, and operations experience to Enveric,
having previously served as Chief Financial Officer for multiple
biotechnology companies.
As CFO, Mr. Coveney will be responsible for leading Enveric’s
financial and capital markets activities as the Company targets
multiple anticipated growth drivers resulting from the advancement
of its EVM201 Series and EVM301 Series programs. Mr. Coveney joins
Enveric’s leadership team alongside Joseph Tucker, Ph.D., CEO,
Avani Kanubaddi, President and COO, Bob Dagher, M.D., Chief Medical
Officer, Peter Facchini, Ph.D., Chief Innovation Officer, and Lynn
Gallant, who was recently hired as Vice President, Clinical
Operations.
“We are extremely pleased to add Kevin to the leadership team at
Enveric Biosciences. He is ideally suited for this role given his
prior executive experience at multiple life sciences companies and
track record executing growth strategies that translate to
shareholder value,” said Joseph Tucker, Ph.D., Director and CEO of
Enveric Biosciences. “We believe that as CFO, Kevin will strive to
ensure Enveric has the proper financial structures and discipline
in place to enable our near-term and longer-range growth
objectives, including the development of our EVM201 and EVM301
product platforms.”
Mr. Coveney joins Enveric after serving as a fractional CFO to
emerging life science and digital health companies to support the
development of the companies’ finance and accounting departments as
well as venture capital fundraising strategy. Companies that Mr.
Coveney provided CFO services to include Progressive Therapeutics,
Power of Patients, and VSI.
Previously, Mr. Coveney was CFO of Memgen, Inc., a
clinical-stage immune-oncology company focused on developing cancer
immunotherapies that can safely activate the immune system and be
combined with other drugs to eradicate cancer. Prior to Memgen, Mr.
Coveney was CFO of Q-State Biosciences, a biotech company focused
on CNS disorders, where he was responsible for all investor
financial due diligence inquiries and financial reporting
requirements to investors and strategic collaboration partners.
Before Q-State, Mr. Coveney was Senior Vice President of Finance,
HR & IT at Vedanta Biosciences, a private microbiome company
developing a therapy for Clostridium difficile infection. Prior to
Vedanta, Mr. Coveney served roles of increasing responsibility at
Berg Health, a family office/VC-backed clinical-stage biotech
focused on oncology with a machine learning/AI platform to improve
drug discovery and development. Mr. Coveney has also held senior
positions at several global accounting firms, including Grant
Thornton, Marcum, Deloitte & Touche, BDO Seidman, and Ernst
& Young. Mr. Coveney earned his BS in management from the
University of Massachusetts and served as a non-commission officer
in the United States Coast Guard.
“I am excited to join the team at Enveric at such a crucial time
for the Company,” said Mr. Coveney. “With multiple milestones on
the horizon, I look forward to working with Joe and the leadership
team to strengthen Enveric’s financial and capital markets
activities so that we are optimally positioned to pursue our goal
of developing ‘next generation’ drug technologies for the treatment
of underserved mental health conditions, including anxiety
disorders and depression, and by doing so, generate value for both
patients and shareholders.”
The Company has agreed to grant, on March 13, 2023 upon the
effective date of Mr. Coveney as Chief Financial Officer of the
Company, an award of restricted stock units (“RSUs”) convertible
into an aggregate of 26,500 shares of the Company’s common stock to
Mr. Coveney, to serve as the Company’s Chief Financial Officer, as
an inducement award outside of the Company’s 2020 Long-Term
Incentive Plan. Subject to certain exceptions including change in
control or termination of employment, the awarded RSUs shall vest
in four equal installments on each of the first four anniversaries
of the date of grant. The grant was approved by the board of
directors of the Company and will be made as an inducement material
to Mr. Coveney entering into employment with the Company in
accordance with NASDAQ Listing Rule 5635(c)(4).
About Enveric Biosciences
Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company
dedicated to the development of novel small-molecule therapeutics
for the treatment of anxiety, depression, and addiction disorders.
Leveraging its unique discovery and development platform, The
Psybrary™, Enveric has created a robust Intellectual Property
portfolio of New Chemical Entities for specific mental health
indications. Enveric’s lead program, the EVM201 Series, comprises
next generation synthetic psilocybin analogues that are considered
prodrugs of the active metabolite, psilocin. Enveric is developing
the first product from the EVM201 Series – EB-373 – for the
treatment of anxiety disorders. Enveric is also advancing its third
generation of therapeutics, the EVM301 Series, to offer a holistic
approach for treating central nervous system disorders. Enveric is
headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada. For more 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
ability of Enveric 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 Enveric’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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version on businesswire.com: https://www.businesswire.com/news/home/20230227006027/en/
Investor Relations Tiberend Strategic Advisors, Inc.
Daniel Kontoh-Boateng (862) 213-1398 dboateng@tiberend.com
Media Relations Tiberend Strategic Advisors, Inc. Casey
McDonald (646) 577-8520 cmcdonald@tiberend.com
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