SciSparc Finalizes $3 Million Exclusive Global Out-Licensing Agreement for Its Pain Therapy
Monday, August 19, 2024
SciSparc Ltd., a specialty clinical-stage pharmaceutical company focused on developing therapies for central nervous system disorders and rare diseases, announced the signing of an Exclusive Patent License Agreement with Polyrizon Ltd. ("Polyrizon"). This agreement grants Polyrizon the exclusive, royalty-bearing global rights to develop and sublicense SciSparc's SCI-160 program for pain treatment.
Under the terms of the agreement, SciSparc will receive $3 million in Polyrizon securities as consideration, with the potential to earn an additional $3 million in cash milestone payments if certain development targets are met, along with ongoing royalties.
SCI-160 is a proprietary, synthetic combination of cannabinoids and N-acylethanolamines designed for pain management. Pre-clinical studies conducted by SciSparc have demonstrated that these unique combinations can effectively mediate analgesic effects in the peripheral nervous system, providing relief in both acute and chronic pain without significant side effects.
In certain studies, SCI-160 has shown comparable or even greater potency than high-dose morphine, while being well tolerated and free from major adverse clinical effects. This is particularly noteworthy given the public health concerns surrounding opioid abuse, as highlighted by the Centers for Disease Control and Prevention.
"We are pleased to have finalized this License Agreement for the out-licensing of the SCI-160 program," said Oz Adler, Chief Executive Officer of SciSparc. "This agreement allows us to potentially benefit from royalties and milestone payments from the SCI-160 program without requiring further investment in its development."
It is worth noting that Oz Adler, SciSparc’s CEO and CFO, also serves on the board of directors of Polyrizon.
Source: globenewswire.com
