Business
SciSparc Grants an Exclusive License for the Sales of CannAmide™ on the Amazon Marketplace in Canada to SciSparc Nutraceuticals
TEL AVIV, Israel, June 07, 2023 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) (“Company” or “SciSparc”), a specialty clinical-stage pharmaceutical company
About this update from Scisparc Ltd.
[{"type":"text","content":"TEL AVIV, Israel, June 07, 2023 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) (“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 that it entered into a license and distribution agreement with SciSparc Nutraceuticals Inc. (\"SciSparc Nutraceuticals\"), a subsidiary in which the Company owns approximately a 51% equity interest, pursuant to which it granted SciSparc Nutraceuticals an exclusive license to sell and market CannAmide™ on the Amazon.com marketplace in Canada (“License Agreement”). CannAmide™ is an immediate unique palmitoylethanolamide (PEA) oral formulation for the reduction of chronic pain and inflammation. CannAmide™ is currently available in tablet form, with each dose containing a 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. 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. SciSparc Nutraceuticals’ business focusses on the sale of hemp seeds’ oil-based products on the Amazon.com marketplace, under the brand Wellution™. SciSparc Nutraceuticals plans on expanding its reach by marketing its brand's products in additional global markets and by broadening its products' offering. Pursuant to the License Agreement, the Company will sell to SciSparc Nutraceuticals CannAmide™ at a cost price plus 3% of gross revenues. The License Agreement is for a term of 12 months and may be terminated by either party with 30-days’ advance notice. The License Agreement also contains customary representations, warranties, covenants and indemnification provisions. About SciSparc Ltd. (Nasdaq: SPRC): SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s 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 developm...