SciSparc Files Annual Report for Year Ended December 31, 2021 and Provides Corporate Update

Rhea-AI Summary

SciSparc Ltd. (NASDAQ: SPRC), a clinical-stage pharmaceutical firm, filed its annual report on Form 20-F for the fiscal year 2021 with the SEC on May 2, 2022. Key achievements include the issuance of a U.S. patent for its technology targeting central nervous system disorders, recruitment of the first patient for a Phase IIa trial of SCI-110 in Alzheimer's, and progress in a Phase IIb trial for Tourette syndrome. The company also formed collaborations to develop psychedelic-based pharmaceuticals and entered a joint venture focused on drug discovery for cancer and infectious diseases.

Positive

• Issued U.S. patent for core technology in CNS disorder treatment.
• Recruited first patient for Phase IIa trial of SCI-110 in Alzheimer's disease.
• Advanced Phase IIb clinical trial of SCI-110 for Tourette syndrome.
• Entered collaboration with ClearMind Medicine for psychedelic pharmaceuticals.
• Established JV with MitoCare X for drug discovery in cancer and infectious diseases.

Negative

• None.

TEL AVIV, Israel, May 02, 2022 (GLOBE NEWSWIRE) -- SciSparc Ltd. (NASDAQ: SPRC), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system (the “Company” or “SciSparc”), today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission (the “SEC”).

Recent Corporate Highlights:

• Issued U.S. patent surrounding the Company’s core technology that treats central nervous systems disorders
• Recruited first patient in the Phase IIa clinical trial of SCI-110 in Alzheimer's disease
• Advanced the Phase IIb clinical trial of SCI-110 in patients with Tourette syndrome
• Entered into a collaboration agreement with ClearMind Medicine Inc. for the development of innovative psychedelic-based pharmaceuticals
• Entered into a JV agreement with MitoCare X targeting the discovery of potential drugs for cancers and infectious diseases
  
  

Oz Adler, SciSparc's Chief Executive Officer, commented, "2021 was a turnaround year for SciSparc. We successfully up-listed to the Nasdaq stock exchange and raised approximately $8 million from high quality investors. Operationally, we expanded our IP protection in key territories and advanced our programs in Tourette syndrome, Alzheimer's disease and Agitation, Status Epilepticus and pain. In 2022, we plan on continuing our advancement in our clinical and pre- clinical programs and move closer towards developing and presenting innovative therapies.”

The annual report, which contains the Company’s audited consolidated financial statements, can be accessed on the SEC website at http://www.sec.gov as well as via the Company’s website at  https://investor.scisparc.com. The Company will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request to the Company’s investor relations contact: IR@scisparc.com.

About SciSparc (NASDAQ: SPRC):

SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome and for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus.

Information on, or accessible through, the websites mentioned above does not form part of this press release.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. For example, SciSparc is using forward-looking statements when it discusses expanding its intellectual property portfolio and targeting the discovery of new potential drugs and advancement in its clinical and pre-clinical programs to move closer towards developing and presenting innovative therapies. Because such statements deal with future events and are based on SciSparc's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in SciSparc's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on April 28, 2022, and in subsequent filings with the SEC. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

For more information, please contact:

IR@scisparc.com
Tel: +972-3-6167055

FAQ

What were SciSparc's key achievements reported in the 2021 annual report?

SciSparc reported several key achievements including issuing a U.S. patent for CNS disorder treatments, recruiting a patient for a Phase IIa Alzheimer's trial, and advancing a Phase IIb trial for Tourette syndrome.

When did SciSparc file its annual report for the fiscal year 2021?

SciSparc filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 on May 2, 2022.

What is the significance of the U.S. patent issued by SciSparc?

The U.S. patent enhances SciSparc's intellectual property protection for its core technology aimed at treating disorders of the central nervous system.

What clinical trials is SciSparc currently progressing?

SciSparc is progressing with a Phase IIa clinical trial of SCI-110 in Alzheimer's disease and a Phase IIb trial for Tourette syndrome.

What collaborations has SciSparc entered into recently?

SciSparc entered into a collaboration with ClearMind Medicine for psychedelic-based pharmaceuticals and a joint venture with MitoCare X for drug discovery.