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Venlor XR Venlafaxine extended-release capsules What do venlafaxine extended-release capsules do?VENLAFAXINE (Effexor(R) XR) is an antidepressant, a medicine that helps to lift mental depression. Venlafaxine can help patients whose depression has not responded to other medications. Venlafaxine is also effective for the treatment of anxiety or other nervous conditions. Occasionally it is prescribed for other purposes.