Silo Pharma Reports Third Quarter Results and Operating Highlights

Rhea-AI Summary

Englewood Cliffs, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Silo Pharma (OTCQB: SILO), a biopharmaceutical company focused on psychedelics for therapeutic use, reported its third quarter 2021 financial results and business updates. Key highlights include a research agreement with Columbia University for Alzheimer’s therapeutic development, a patent allowance from the U.S. Patent Office for CNS homing peptides, and DEA approval for a joint venture to deliver ketamine. The company has approximately $11 million in working capital and aims to uplist to the Nasdaq, enhancing long-term shareholder value.

Positive

• Entered a sponsored research agreement with Columbia University for Alzheimer’s therapeutics.
• Received a notice of allowance for a central nervous system homing peptide patent.
• DEA approval for Z-Pod technology to deliver ketamine.
• Advancement of research with The University of Maryland for rheumatoid arthritis.
• Total working capital increased to approximately $11.0 million.
• Plans to uplist shares to the Nasdaq to diversify shareholder base.

Negative

• None.

Englewood Cliffs, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Silo Pharma, Inc. (OTCQB: SILO), a development-stage biopharmaceutical company focused on the use of psychedelics as a therapeutic, today reported its financial results for the third quarter 2021 and gave an update on recent progress in its business.

Operating Highlights

• Entered sponsored research agreement with Columbia University to develop psychedelic therapeutics for Alzheimer’s Disease and received an option to license assets currently under development
• UMB awarded notice of allowance from the U.S. Patent and Trademark Office for central nervous system homing peptide patent on Silo’s licensed technology
• Zylo Therapeutics and Silo Pharma’s joint venture received DEA Approval to advance the Patented Z-Pod technology to deliver ketamine
• Advancement of sponsored research and option agreement with The University of Maryland, Baltimore for novel joint homing peptide for rheumatoid arthritis
• Advancing with up-listing plan to the Nasdaq Stock Market
• Total working capital approximately $11.0 million

Mr. Eric Weisblum, Chief Executive Officer of Silo Pharma, commented, “We are making progress in our efforts to advance research in psychedelics as a therapeutic and achieved several key milestones in the third quarter of 2021. We materially strengthened our balance sheet to advance our platform and accelerate our development plans.  Additionally, we remain focused on our goal to uplist our shares to the Nasdaq, and believe the uplisting will strengthen long term shareholder value and serve as a catalyst to further diversify our shareholder base."

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, Alzheimer’s, 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 Act of 1995. These statements are identified by the use of words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, “predict”, “potential” and similar expressions that are intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Silo Pharma, Inc. (“Silo” or “the Company”) to differ materially from the results expressed or implied by such statements, including changes to anticipated sources of revenues, future economic and competitive conditions, difficulties in developing the Company’s technology platforms, retaining and expanding the Company’s customer base, fluctuations in consumer spending on the Company’s products and other factors. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company disclaims any obligations to publicly update or release any revisions to the forward-looking information contained in this presentation, whether as a result of new information, future events, or otherwise, after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law.

Investor Relations Contact: 
Hayden IR 
Brett Maas 
646-536-7331 
Email: brett@haydenir.com

FAQ

What are the key highlights from Silo Pharma's Q3 2021 financial results?

Silo Pharma announced a research agreement with Columbia University, a patent allowance for CNS homing peptides, and DEA approval for a joint venture technology, with approximately $11 million in working capital.

How does Silo Pharma plan to enhance shareholder value?

The company aims to uplist its shares to the Nasdaq, which it believes will strengthen long-term shareholder value and diversify its shareholder base.

What is the focus of Silo Pharma's development efforts?

Silo Pharma focuses on developing psychedelics as therapeutics for conditions like Alzheimer's, PTSD, and other neurological disorders.

What recent technological advancements has Silo Pharma achieved?

Silo Pharma received DEA approval for its Z-Pod technology and entered partnerships for developing novel therapeutics.