Silo Pharma, Inc. - SILO STOCK NEWS

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.

Silo Pharma, Inc. (Nasdaq: SILO) will present at the 7th Annual Dawson James Small Cap Growth Conference on October 12, 2022, in Jupiter, Florida. CEO Eric Weisblum will discuss the company's novel therapeutic candidates, emphasizing its collaboration with renowned academic institutions. The presentation will cover Silo's innovative approach in merging traditional therapeutics with psychedelic research, targeting conditions like Alzheimer’s, multiple sclerosis, and mental health disorders. A live webcast will be available, along with a replay for 90 days on the company’s investors site.

Silo Pharma (Nasdaq: SILO) is advancing its novel topical formulation of ketamine, designated as SPC-26, to treat fibromyalgia. The company is collaborating with Premier Consulting to develop a pre-Investigational New Drug (IND) package and engage with the FDA via a pre-IND meeting request. The fibromyalgia treatment market is projected to grow significantly, reaching $1.4 billion by 2027. CEO Eric Weisblum expressed confidence in their pre-clinical work supporting the path to clinical trials, aiming to utilize Zylö Therapeutics' Z-pod™ technology for time-released ketamine delivery.

Silo Pharma (Nasdaq: SILO) has successfully closed an underwritten public offering of 1,150,000 shares of common stock at $5.00 per share, raising gross proceeds of $5.75 million. This offering includes the exercise of an over-allotment option for 150,000 additional shares. The funds will be primarily used for product development, marketing, and working capital, with a potential portion allocated for acquisitions. The company began trading on the Nasdaq on September 27, 2022.