Sarasota, FL – July 16, 2024 – Silo Pharma Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company, has today announced a significant advancement in the fight against Alzheimer’s disease with its latest strategic move. The company has entered into an exclusive global license agreement to further develop, manufacture, and commercialize its promising Alzheimer’s drug, SPC-14, leveraging the FDA’s streamlined 505(b)(2) pathway. This pathway is set to shorten the clinical timelines and reduce the costs associated with drug development, marking a pivotal step forward for Silo.
SPC-14, targeting the glutamate receptor NDMAR and serotonin type 4 receptor 5HT4, aims to address cognitive and neuropsychiatric symptoms in Alzheimer’s patients. Early pre-clinical studies have already shown promising results, including stress reduction and cognitive improvements, according to Silo’s CEO, Eric Weisblum. “Our exclusive license for SPC-14 gives us the potential to meet a large unmet medical need. If approved, we believe SPC-14 could bring hope and relief for many families and patients,” Weisblum stated.
The announcement comes on the heels of a similar licensing agreement for Silo’s other lead drug candidate, SPC-15, an intranasal treatment for stress-induced affective disorders and PTSD, underscoring the company’s commitment to addressing significant mental health challenges through innovative therapeutic approaches.
With the global Alzheimer’s disease therapeutics market projected to exceed $30.8 billion by 2033, growing at a compound annual growth rate (CAGR) of 18.8% from 2024 to 2033, Silo Pharma’s developments could not be more timely. The rising prevalence of Alzheimer’s disease amidst an expanding elderly population and continued advancements in neurological research are key drivers for this anticipated market growth.
Beyond SPC-14, Silo Pharma’s robust pipeline includes SPC-15, focused on PTSD and stress-induced anxiety disorders, and SP-26, a time-release ketamine-loaded implant designed for fibromyalgia and chronic pain relief. Additional preclinical programs like SPU-16, which targets multiple sclerosis (MS) through a CNS-homing peptide, highlight Silo’s innovative approach in developing traditional therapies and psychedelic treatments in novel formulations and drug delivery systems.
In today’s trading, Silo’s stock demonstrated vibrant activity, with the day’s range moving between $1.8800 and $2.6899, against a background of a 52-week range from $0.8410 to $3.0500, and a substantial trading volume of 174,763,024 shares.
For more detailed information about Silo Pharma and its trailblazing projects, visit www.silopharma.com, or connect with the company on LinkedIn, X, and Facebook.
As Silo Pharma continues to push the boundaries of biomedical research and therapeutic application, the healthcare community and investors alike watch eagerly, anticipating the potential impacts of these innovative treatments on public health and global markets.
