Silo Pharma, Inc. - SILO STOCK NEWS

Silo Pharma, a developmental stage biopharmaceutical company, announced a share repurchase program authorized by its board to acquire up to $1,000,000 of its common stock. This program aims to enhance shareholder value amid favorable capital market conditions. As of November 10, 2022, the company had approximately 3,138,797 shares outstanding. The company may repurchase shares in the open market or via private transactions, contingent on market conditions and available liquidity. CEO Eric Weisblum emphasized the commitment to delivering value to shareholders through this initiative.

Silo Pharma (Nasdaq: SILO) announced a progress update on its clinical study at UCSF, which examines psilocybin as a treatment for conditions including Parkinson's disease, bipolar disorder, and chronic pain. The study involves therapy sessions with psilocybin and blood sample collection to analyze inflammatory activity. Data collection for Parkinson's patients is set to finish by February 2023, while bipolar and chronic pain studies are scheduled to commence in early and April 2023, respectively. The findings aim to shed light on psilocybin's therapeutic potential.

Silo Pharma has announced promising interim results from its study on SPU-21, a joint homing peptide aimed at treating rheumatoid arthritis. The latest phase demonstrated that the combination of SPU-21 with dexamethasone (DEX) showed superior effectiveness in controlling arthritis progression compared to DEX alone. This administration method is more preferred by patients, which could enhance market potential. The company is collaborating with the University of Maryland, Baltimore for further development.

Silo Pharma, Inc. (Nasdaq: SILO) released a shareholder letter detailing significant progress in its biopharmaceutical development, particularly in psychedelic research. The company reported having over $12 million in cash and no debt, positioning it to advance its pipeline projects. It highlighted multiple therapeutic candidates targeting conditions like fibromyalgia, multiple sclerosis, rheumatoid arthritis, and Alzheimer's disease. Furthermore, the burgeoning psychedelic drugs market is projected to grow from $2.8 billion in 2021 to $9.8 billion by 2029, emphasizing the potential of its unique technologies.

Silo Pharma, Inc. (Nasdaq: SILO) has initiated the initial dosing of its IND-enabling study for SP-26, a new time-released, topical ketamine formulation aimed at treating fibromyalgia. Conducted by Experimur, the study evaluates the tolerability of SP-26 to determine the maximum tolerated dose. With a market for fibromyalgia treatments projected to grow from $764 million in 2020 to $1.4 billion by 2027, this development could position Silo favorably. The company is also preparing a pre-IND submission to the FDA to pursue the 505(b)(2) regulatory pathway.

Silo Pharma, Inc. (Nasdaq: SILO) announced that Dr. James Kuo, VP of R&D, will participate as a panelist at the Wonderland: Miami conference, the largest event in the psychedelic medicine sector, from November 3-5, 2022. Dr. Kuo will discuss the pharmaceutical industry's evolving view on psychedelics and their potential for mental health drug development. The company's efforts focus on psychedelics for treating major diseases like Alzheimer’s and multiple sclerosis, aiming to raise awareness about its therapeutic advancements.

Silo Pharma (SILO) announced promising proof-of-concept data for SPC-14, a new treatment aimed at Alzheimer's disease, showing increased memory function in mouse models. Conducted in collaboration with Columbia University, the study revealed that chronic dosing of SPC-14, which combines an FDA-approved drug with ketamine, did not negatively impact the subjects' weight. The company aims to leverage existing safety data to expedite the drug's FDA approval process, potentially utilizing the 505(b)(2) pathway.

Silo Pharma (NASDAQ: SILO) has announced an extended agreement with Columbia University to continue research on SPC-14 for Alzheimer's disease and SPC-15 for stress-induced anxiety disorders. This partnership focuses on the molecular mechanisms of learning and memory, critical to treatments for Alzheimer’s, which affects an estimated 5.8 million Americans. Dr. Christine Ann Denny leads the research, exploring potential memory improvement through ketamine and other novel therapies. The company plans to share ongoing research results as they become available.

Silo Pharma has initiated a preclinical toxicity study of its new ketamine formulation, SP-26, targeting fibromyalgia treatment. This time-released ketamine has shown promising results in alleviating neuropathic nerve pain. The study aims to determine the tolerability of SP-26 in mini pigs, with results expected in Q1 2023. The company is also preparing an FDA Pre-Investigational New Drug application, pursuing a 505(b)(2) regulatory pathway for SP-26. The collaboration with Zylö Therapeutics focuses on utilizing Z-pod™ technology for effective ketamine delivery.