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SciSparc Issued Canadian Patent for Opioids Reduction Use in Pain Management Technology
TEL AVIV, Israel, March 06, 2024 (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, March 06, 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 its had been received patent approval for its proprietary combination of opioids and n-acylethanolamines for pain treatment (the “Patent”). The Patent has been granted by the Canadian Intellectual Property Office, the government agency in Canada that administers intellectual property rights and legislation for patents. According to a report by Grand View Research, the global opioid market was valued at $22.8 billion in 2022 and is anticipated to grow at a compound annual growth rate of 1.4% from 2023 to 2030. The increasing rate of regulatory approvals and the launch of new opioid medicines to treat patients with chronic pain are the factors expected to drive market growth. At the same time, opioid abuse and addiction has been a global growing epidemic for more than a decade. \"With the Canadian patent approval for our opioid reduction technology, SciSparc continues to build on global recognition of its innovations and breakthrough technologies. We are all aware of how effective opiates are in relieving pain, but also for their addictive influence. We believe that our technology will potentially make it possible to improve the therapeutic effect of opiates in lower doses, thereby reducing their addictive potential. Our technology represents hope for safer and more effective pain management strategies worldwide,\" said SciSparc’s Chief Executive Officer, Oz Adler. 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 development programs based on THC and/or non-psychoactive CBD: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of ASD and status epilepticus. The Company also owns a controlling interest in a subsidiary whose busi...