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Silo Pharma Provides Details of Patent License Agreement for Psilocybin and Cancer Applications
Silo Pharma to Receive Upfront Payment Combination of Cash and Preferred Stock Totaling One Million Dollars Englewood Cliffs, NJ, Jan. 11, 2021 (GLOBE
About this update from Silo Pharma, Inc.
[{"type":"text","content":"Silo Pharma to Receive Upfront Payment Combination of Cash and Preferred Stock Totaling One Million Dollars\nEnglewood Cliffs, NJ, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Silo Pharma, Inc. (OTCQB: SILO) a developmental stage biopharmaceutical company focused on the use of psilocybin as a therapeutic, last week announced a licensing agreement with up-front payment valued at $1 Million. The license agreement (the “Agreement”) with Aikido Pharma Inc., (Nasdaq:AIKI) a listed biotechnology company, grants Akido an exclusive, royalty-bearing license to certain intellectual property owned by Silo Pharma to develop therapeutics for the treatment and complications of cancer. In consideration for granting the license, Silo Pharma received a one-time cash payment of $500,000 and shares of newly designated Convertible Preferred Stock valued at $500,000 on the date of execution of the license. Silo Pharma will also be entitled to potential royalty payments on Net Sales (as defined in the Agreement) in the event that the licensed property is commercially developed. “Our Agreement advances Silo Pharma’s unique approach to researching and discovering therapeutics that can be used in combination with psychedelic elements” stated Eric Weisblum, Chairman and CEO of Silo Pharma Inc. “We are enthusiastic about this agreement and opportunity. Researching the use of psilocybin to treat both cancer and cancer side effects is a noteworthy opportunity for Silo Pharma and its shareholders. We look forward to updating investors on this agreement and further developments.” Further information regarding the Agreement can be found in the Company’s Form 8-K filed with the SEC on January 11, 2021. About Silo Pharma Silo Pharma is a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, PTSD, Parkinson’s, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the health care industry. For more information, visit www.silopharma.com. Safe Harbor and Forward-Looking Statements This news release contains \"forward-looking statements\" within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform A...