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SciSparc Finalizes Exclusive Global Out-Licensing Agreement for its Pain Therapy Valued at $3 million
SciSparc will receive consideration in shares, and in addition may receive cash payments and fees if certain development milestones are met TEL AVIV, Israel,
About this update from Scisparc Ltd.
[{"type":"text","content":"SciSparc will receive consideration in shares, and in addition may receive cash payments and fees if certain development milestones are met TEL AVIV, Israel, Aug. 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 it has signed an Exclusive Patent License Agreement (the “License Agreement”) with Polyrizon Ltd. (“Polyrizon”) for the out-licensing of its SCI-160 program (the “Assets”) for the treatment of pain. According to the License Agreement, Polyrizon will receive exclusive, royalty-bearing global license to develop and sublicense the Assets. In exchange, SciSparc would be entitled to receive consideration in the form of Polyrizon securities valued at $3 million, as well as potentially milestone fees of approximately $3 million in cash, if certain development milestones will be met, as well as royalties. SCI-160 is an innovative, proprietary synthetic combination of cannabinoids and N-acylethanolamines in the field of pain treatment. Based on numerous pre-clinical studies conducted by the Company, several proprietary combinations have 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 instances, exerted even greater potency. While prescription opioids are effective treatments for moderate-to-severe pain, the abuse of such opioids is a significant public health issue according to the Centers for Disease Control and Prevention. “We are pleased to finalize the License Agreement for the out-licensing of the SCI-160 program for treating pain. The License Agreement may allow us to enjoy royalties and milestones payments from the SCI-160 program, without investing additional funds in the development.” said Oz Adler, SciSparc's Chief Executive Officer. Mr. Oz Adler, SciSparc’s Chief Executive Officer and Chief Financial Officer, is a member of the board of directors of Polyrizon. About SciSparc Ltd. (Nasdaq: SPRC): SciSp...