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SciSparc Announces Closing of New JV Targeting Discovery of Potential Drugs for Cancers and Infectious Diseases
Research to build on studies with support from global experts in the field of small molecule drugs and gene editing TEL AVIV, Israel, March 31, 2022 (GLOBE
About this update from Scisparc Ltd.
[{"type":"text","content":"Research to build on studies with support from global experts in the field of small molecule drugs and gene editing\nTEL AVIV, Israel, March 31, 2022 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ: SPRC) (the \"Company\" or \"SciSparc\"), a specialty, clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced completion of the previously announced joint venture (“JV”) agreement to focus on the discovery and development of potential drugs for cancers and other life-threatening conditions, MitoCareX Bio Ltd., an Israeli corporation (“MitoCareX Bio”) (the “JV Agreement”). MitoCareX Bio will focus on investigating mitochondrial carriers, transport proteins crucial for cell viability. Because of mitochondrial carriers’ significant role in transporting necessary metabolites for cell functioning across the inner mitochondrial membranes, the Company believes various life-threatening conditions, such as cancers and rare mitochondrial diseases, might be treated by regulating the function of mitochondrial carriers. In humans, the mitochondrial carrier family (Solute Carrier Family 25, SLC25) consists of 53 members and is the largest solute transporter. Pursuant to the terms of the JV Agreement, at closing, SciSparc delivered an initial amount of $700 thousands (out of a total investment amount of up to $1.7 million). Based on pre-determined milestones, SciSparc will further invest up to $1 million, for up to 50.01 percent ownership, in MitoCareX Bio over the next two years subject to, and according to a number of milestones agreed upon in the JV Agreement. MitoCareX Bio’s innovative research will partly build upon successful proof-of-concept experiments performed in the UK. About SciSparc (NASDAQ: SPRC): SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome and for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatmen...