SciSparc Signs Non-Binding Letter of Intent for Exclusive Global Out-Licensing of Pain Treatment for Approximately $6 million
SPRC announced a non-binding letter of intent to spin off its advanced clinical-stage pharmaceutical portfolio SPRC has four main candidates in various stages of clinical development
SciSparc is advancing its clinical research with a robust pipeline of trials targeting major neurological disorder
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Hello Everyone,
Yesterday’s profile retested highs again after making a double digit move during yesterdays session.
We have another company that we want you to put on your radar this week as we head towards the weekend.
Pull up SPRC Immediately.
In the dynamic world of biotechnology and pharmaceuticals, SciSparc Ltd. (Nasdaq: SPRC) is carving out a unique niche. Amidst significant market fluctuations earlier this year, the company is demonstrating resilience and innovation through strategic clinical and corporate initiatives. These efforts are not only stabilizing the company but also setting the stage for substantial long-term growth. With groundbreaking clinical trials and bold spin-off strategies, SciSparc is on a path to unlock considerable value for its shareholders. As the company continues to make strides in medical research and strategic business moves, investors have ample reasons to be optimistic about SciSparc’s future potential.
SciSparc Ltd. (Nasdaq: SPRC) is emerging as a noteworthy player in the biotech and pharmaceutical sector, despite facing significant market fluctuations earlier this year. The company is actively pursuing clinical and corporate strategies aimed at achieving stability and long-term growth, thereby enhancing shareholder value.
Clinical Trial Advancements: Autism, Tourette’s, Alzheimer’s
SciSparc is advancing its clinical research with a robust pipeline of trials targeting major neurological disorders. Key projects include:
- Tourette’s Syndrome: A phase IIb trial for SCI-110 is underway, presenting a potential breakthrough for this condition.
- Alzheimer’s Disease: A phase II trial has been completed, offering promising insights for future treatments.
- Autism Spectrum Disorder: A notable trial for SCI-210, focusing on children with autism, is in progress. This double-blind, placebo-controlled trial aims to address core symptoms of autism, potentially improving the quality of life for affected children and their families.
SciSparc’s recent patent acquisitions, including those for the treatment and prevention of depression, further bolster its competitive edge and intellectual property portfolio.
The company has four main candidates in various stages of clinical development.
SPRC also has a controlling interest in a company that sells hemp-oil-based products on Amazon.
Back in April, SPRC pulled an unorthodox move and acquired a company called AutoMax Motors Ltd., which is a leading Israeli auto importer………….. Strange move for a Pharma company, no?
If you keep following the story then just last week when SPRC announced a non-binding letter of intent to spin off its advanced clinical-stage pharmaceutical portfolio and its equity stake in SciSparc Nutraceuticals Inc. (which holds the hemp/Amazon business).
Those assets are valued at roughly 11.6Mill under the agreement.
The company is still in negotiations with Canada-based Miza III Ventures Inc. about the spinoff, but the press release says SPRC will gain a controlling interest in Miza as part of the deal.
One could ultimately conclude that SPRC itself will be focused on the auto importing business, while the canna business will move to Canada under Miza.
Automax reported strong revenues of more than $112M in 2023.
You can see that activity started picking up Tuesday when the company put out news regarding a new patent application. SPRC exploded all the way to 1.31 after closing at .82 the day before. It has pulled back quite a bit off of the recent highs and is continuing to see above average interest. This is a great time to start researching this one.
SciSparc Announces U.S. Patent Application for Treating Metabolic Syndrome and Weight Loss
TEL AVIV, Israel, July 16, 2024 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced that an additional patent application with the United States Patent and Trademark Office (“USPTO”) was submitted as part of its ongoing collaboration with Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind”), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems and invented with Professor Joseph Tam from the Hebrew University’s technology transfer company, Yissum. The patent application is for the novel proprietary composition of Palmitoylethanolamide (“PEA”), the active ingredient of SciSparc’s proprietary CannAmide™ with Clearmind’s innovative MEAI compound (5-methoxy-2-aminoindane) for treating metabolic syndrome and obesity.
According to data collected by the Centers for Disease Control and Prevention from the period 2017-2020, the prevalence of obesity in the United States of adults aged 20 and over was 41.9%.
According to Emergen Research, the global obesity treatment market size was $15 billion in 2022 and is expected to grow at a compound annual growth rate of 10.0% during the forecast period. Rising prevalence of obesity and technological advancements in weight loss equipment are key factors driving market revenue growth.
Overall, as part of this collaboration, twelve other patent applications have been filed by Clearmind with the USPTO for various compositions, including the proprietary composition of SciSparc’s PEA with Clearmind’s MEAI compound for the treatments of alcohol use disorder, cocaine addiction and obesity and its related metabolic disorders.
PRODUCTS
SCI-110
SCI-110, our proprietary drug candidate, containing Dronabinol (FDA approved synthetic form of THC), with the endocannabinoid palmitoylethanolamide (PEA).
Designed to stimulate cannabinoid receptors across the Central Nervous System and inhibit the metabolic degradation of endocannabinoids in order to improve uptake of THC, the expected benefits of SCI-110 are an increase in efficiency of oral administration, and in turn a decrease in dosage requirements, side effects and adverse events.
This product is being developed under the accelerated regulatory path of 505 (b)(2) application focused on augmenting FDA-approved natural and synthetic cannabinoids to create alternate therapies that potentiate the effects of cannabinoids and target the receptors implicated in modulating the central nervous system.
This approach qualifies us for access to the FDA’s 505 (b)(2) regulatory strategy, created to facilitate the submission of novel drug candidates that meet specific criteria to the FDA for review. The 505 (b)(2) application provides us with several advantages as compared to a typical New Drug Application, including potential; lower risk and development costs, and a potentially expedited time to market.
Indications currently being investigated for treatment with SCI-110 include:
– Tourette Syndrome- (TS)
– Obstructive Sleep Apnea (OSA)
– Alzheimer’s Disease and Agitation
Our proprietary drug candidate containing cannabidiol (CBD), a non-psychoactive cannabinoid, and PEA.
This product is initially being developed under the regulation of the Israeli Medical Cannabis Agency (IMCA) – the agency that leads the regularization of the medical cannabis field in Israel and is the first of its kind in the world. It is a complex, unique, innovative and original process. Conducting clinical trials and development under the regulation of the HQR ostensibly enables rapid and specific registration processes in a track that is unique to Israel.
The company intends to further develop the product for markets outside Israel as well. Indications currently being investigated for treatment with SCI-210 include
– Autism Spectrum Disorder (in clinical trials)
– Status Epilepticus – a form of seizures that are severe and sometimes fatal. This indication is currently investigated in pre-clinical settings.
SCI-160 is an innovative, proprietary synthetic CB2 receptor agonist created, among others, for the treatment of pain and is currently in pre-clinical studies. The CB2 receptor agonist used in this formulation – HU-433 – was invented and synthesized by Professor Raphael Mechoulam, Ph.D., Chairman of the SciSparc Scientific Advisory Board, and is protected under a patent granted in the U.S. and Europe.
CannAmide™ is an immediate unique palmitoylethanolamide (PEA) oral formulation for the reduction of chronic pain and inflammation. PEA is a cannabinoid mimetic lipid molecule found throughout the body, including the central nervous system. Similar to cannabinoids, PEA has been shown to have neuroprotective, anti-inflammatory, analgesic and anti-convulsant properties.
CannAmide is currently available in tablet form, with each dose containing 400mg active pharmaceutical ingredient. It has been designated a product license issuance from the Natural and Non-prescription Health Products Directorate (NNHPD) from Health Canada, for sale as a supplement within the nutraceuticals market.
SciSparc Signs Non-Binding Letter of Intent for Exclusive Global Out-Licensing of Pain Treatment for Approximately $6 million
SciSparc will receive additional payments and execution fees if certain milestones are met
TEL AVIV, Israel, July 17, 2024 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced that it has signed a non-binding letter of intent (“LOI”) with an undisclosed biotechnology company to pursue the out-licensing of its SCI-160 program (the “Assets”) for the treatment of pain.
According to the LOI, the biotechnology company would receive exclusive, royalty-bearing global licenses to develop and sublicense the Assets. In exchange, SciSparc would be entitled to receive payment of $3 million in ordinary shares and pre-funded warrants of the biotechnology company, as well as potentially additional payments and execution fees of approximately $3 million in cash, if certain milestones will be met.
SCI-160 is an innovative, proprietary synthetic cannabinoid formulation for the treatment of pain. Based on pre-clinical studies conducted by the Company, the proprietary combination of cannabinoids and Palmitoylethanolamide has been found to be involved in mediating analgesic effects in the peripheral nervous system without causing significant side effects in both acute and chronic pain.
Moreover, in certain studies, SCI-160 was found to be well tolerated, did not cause any significant adverse clinical effects, and had a comparable analgesic effect to high-dose morphine and, in some individual instances, exerted even greater potency. While prescription opioids are effective treatments for moderate-to-severe pain, abuse of such opioids is a significant public health issue according to the Centers for Disease Control and Prevention. According to The National Center for Health Statistics, drug overdose deaths involving prescription opioids rose from 3,442 in 1999 to 14,716 in 2022.
“This LOI will allow us to focus on the Company’s core pharmaceutical activities that involve three late-stage programs for the treatment of Alzheimer’s disease, Tourette syndrome, and autism. We believe that the Company’s strong portfolio will enable us to maximize shareholder value,” said Oz Adler, SciSparc’s Chief Executive Officer.
SciSparc Signs Non-Binding Letter of Intent for Spin Off of Advanced Clinical Stage Pharmaceutical Portfolio to Publicly Traded Company
According to the agreement, SciSparc’s pharmaceuticals assets are valued at approximately $11.6 million
TEL AVIV, Israel, July 08, 2024 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today it signed a non-binding letter of intent (the “LOI”) to spin off its advanced clinical stage pharmaceutical portfolio and its equity stake in SciSparc Nutraceuticals Inc. (collectively, the “Target Assets”). The LOI references a proposed asset and share purchase agreement (the “Agreement”), the definitive agreement of which is to be negotiated between the Company and Miza III Ventures Inc. (“Miza”) (TSXV: MIZA.P), a publicly traded company on the Toronto Stock Exchange Venture in Canada.
The Agreement is based on the approximate total USD 3.3 million (CAD 4.5 million) enterprise value of Miza, when including its USD 1.0 million cash position, and an approximate USD 11.6 million (CAD 15.8 million) value of SciSparc’s assets.
Pursuant to the LOI, SciSparc will sell, assign, convey and transfer to Miza the Target Assets in consideration for 63,300,000 common shares of Miza and up to 48,000,000 Miza contingent rights based on pre-determined milestones. Following the closing of such transaction, SciSparc would hold a controlling interest in Miza, the exact percentage of which is contingent on agreeing definitive terms between the parties. The resulting entity, of which SciSparc will hold a stake in the resulting entity ranging from a minimum of approximately 75% to a maximum of 84.53%, will be active in both the pharmaceutical and supplement sectors.
The Agreement aligns with SciSparc’s strategy of creating value for its shareholders and follows the merger agreement and transaction concerning AutoMax Motors Ltd., as previously announced by SciSparc on April 11, 2024.
SciSparc’s pharmaceutical portfolio includes SCI-110 for treating persons with Tourette syndrome, which is subject to a phase IIb clinical trial, SCI-110 for treating persons with Alzheimer’s disease, the phase II clinical trial of which has been completed, and SCI-210 for treating children with autism, subject to a randomized, double-blind and placebo-controlled trial that commenced in the first quarter of 2024.
SciSparc to Acquire AutoMax
TEL AVIV, Israel, April 11, 2024 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that it signed a merger agreement (the “Agreement”) with AutoMax Motors Ltd. (“AutoMax”), a leading vehicle importer company in Israel.
According to the Agreement, the Company will acquire 100% of AutoMax and establish a new wholly-owned Israeli subsidiary, which would in turn merge with and into AutoMax (the “Acquisition”). Following the Acquisition, it is contemplated that SciSparc shareholders will hold together approximately 50.01% of the share capital of the post-closing combined company (the “Combined Company”).
The Acquisition follows the Company’s announcement in June 2022, in which the Company’s board of directors resolved to review potential strategic transactions to maximize shareholder value. The Company’s ongoing business operations, including its late-stage pharmaceutical segment, will continue to operate.
As a result of the Acquisition, all outstanding shares of AutoMax will be converted into the right to receive ordinary shares of SciSparc. Following the closing, it is contemplated that AutoMax’s equity holders will hold together approximately 49.99%, subject to adjustments, of the Combined Company’s share capital. At the closing of the Acquisition, SciSparc has committed to hold at least $4.25 million in net cash.
The Acquisition is subject to various approvals, including compliance with any regulatory requirements, including certain Israeli court approvals and SciSparc and AutoMax shareholder approvals. Mr. Amitai Weiss, the chairman of SciSparc, is also the chairman of AutoMax.
NEWS
SciSparc Signs Non-Binding Letter of Intent for Exclusive Global Out-Licensing of Pain Treatment for Approximately $6 millionTodaySciSparc Ltd. Announces Receipt of Nasdaq Minimum Bid Price Notification22 hours agoSciSparc Announces U.S. Patent Application for Treating Metabolic Syndrome and Weight Loss1 day agoSciSparc Signs Non-Binding Letter of Intent for Spin Off of Advanced Clinical Stage Pharmaceutical Portfolio to Publicly Traded CompanyJul 8, 2024SciSparc Secures Strategic Advantage with Grant of European PatentMay 31, 2024SciSparc to Acquire AutoMaxApr 11, 2024SciSparc- Clearmind Collaboration Evolves with New International Patent Application for Preventing and Treating DepressionMar 27, 2024SciSparc: MitoCareX Unveils Groundbreaking Discovery of Small Molecule Structure in Anti-Cancer ResearchMar 21, 2024SciSparc Granted Another Patent, Strengthening its Core Technology in CanadaMar 18, 2024SciSparc Achieves Major Milestone with First Patient Dosed in Autism Spectrum Disorder Clinical TrialMar 14, 2024SciSparc: MitoCareX Reveals Promising Results with Discovery of Novel Anti-Cancer Small Molecule StructureMar 12, 2024SciSparc Announces Enrollment of First Patient for its Clinical Trial for Children with Autism Spectrum DisorderMar 8, 2024SciSparc Granted Patent for Core Technology in Multiple Jurisdictions in EuropeMar 7, 2024SciSparc Issued Canadian Patent for Opioids Reduction Use in Pain Management TechnologyMar 6, 2024SciSparc Delivers Treatment for Autism Spectrum Disorder Clinical Trial Enabling Commencement of DosingFeb 29, 2024SciSparc-Clearmind Partnership Yields Three New International Patent Applications for MDMA, Ibogaine and Ketamine CompoundsFeb 27, 2024SciSparc and Clearmind Continue to Strengthen International Patent Portfolio with Next Generation Classic Psychedelic-Based CompoundsFeb 20, 2024Clearmind Medicine Submits Three International Patent Applications for Next Generation Classic Psychedelic-Based Compounds .
MANAGEMENT
Amitay Weiss
Chairman
Mr. Weiss joined the Company in August 2020. He is founder and Chief Executive Officer of Amitay Weiss Management Ltd. Prior to forming his company, he held several positions at Bank Poalei Agudat Israel Ltd., most recently as Vice President of Business Marketing & Development. He currently chairs and serves as director on the boards of several public companies. Mr. Weiss earned his B.A in Economics from New England College, his M.B.A and LL.B from from Ono Academic College in Israel – a branch of the University of Manchester.
Adi Zuloff-Shani, PhD.
Chief Technologies Officer
Dr. Zuloff-Shani joined the Company in February 2016, bringing more than 20 years of experience as a research and development executive in the bio-tech industry and launching start-ups in the healthcare industry. Dr. Zuloff-Shani brought 2 products from bench to market and is currently leading the development of several pharmaceutical products designated to the US, EU and Israeli markets.
Prior to joining us, she served as Vice President Development at Macrocure Ltd. (Nasdaq: “MCUR”) where she lead all research and development activities. Dr. Zuloff-Shani earned her Ph.D. in Human Biology and Immunology from Bar- Ilan University, Israel.
Oz Adler, CPA
Chief Financial Officer and Chief Executive Officer
Mr. Adler joined the Company in September 2017, and since April 2018 serves as the Company Chief Financial Officer .Mr. Adler has a wide variety of managerial, financial, tax and accounting experience. Prior to joining the Company, Mr. Adler was employed as a CPA at Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global. He currently chairs and serves as director on the boards of several private and public companies. Mr. Adler holds a B.A. in Accounting and Business Management from The College of Management, Israel.
SINCERELY,
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