SciSparc Exploring Psychedelics as Possible Avenue to Expand Its IP Portfolio

Rhea-AI Summary

SciSparc Ltd. (NASDAQ: SPRC) has initiated an examination of psychedelic compounds as potential additions to its intellectual property portfolio. The growing interest in psychedelics could align with the company's focus on disorders of the central nervous system. A report suggests the psychedelic therapy market may reach over $10 billion by 2027, up from $4.75 billion in 2020. Chief Technologies Officer Adi Zuloff-Shani expressed optimism about the compatibility of psychedelic compounds with the company's existing drug development programs, which target conditions such as Tourette syndrome and Alzheimer's disease.

Positive

• Potential market opportunity in the psychedelic sector, estimated to exceed $10 billion by 2027.
• Compatibility of psychedelic compounds with existing drug development programs targeting CNS disorders.

Negative

• None.

TEL AVIV, Israel, Jan. 11, 2022 /PRNewswire/ -- 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"), announced that it has begun to examine the possibility of including psychedelic compounds as potential drug candidates for its intellectual property portfolio.

Despite being heavily regulated around the world, psychedelics have become an increasingly popular area for research. A report by Market Digits estimates that the sector could be worth more than $10 billion by 2027 as compared to $4.75 billion in 2020.

Adi Zuloff-Shani, PhD, Chief Technologies Officer of SciSparc, stated, "We have been tracking the research in psychedelics and are encouraged by the reports which appear to be favorable, particularly for disorders of the central nervous system. I expect our approach has the potential to be compatible with psychedelic compounds, so it behooves us to include them in the pool of candidates we consider when evaluating new opportunities."

"The industry is still in its infancy, but if we are to believe the analysts, psychedelic-centric therapies represent a significant market opportunity and another reason it is in our interest to establish SciSparc as a leader in the sector," Zuloff-Shani concluded.

About SciSparc (NASDAQ:SPRC):

SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. Our 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, for the treatment of obstructive sleep apnea and Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and epilepsy.

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 Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses the potential inclusion of psychedelic compounds as potential candidates for its intellectual property portfolio and compatibility with SciSparc's approach, the future market opportunity for psychedelics and the potential favorability of psychedelics in addressing disorders of the central nervous system.  Historic results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. 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 SEC on March 30, 2021, and in subsequent filings with the U.S. Securities and Exchange Commission. 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.

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

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SOURCE SciSparc Ltd.

FAQ

What is SciSparc exploring in January 2022?

SciSparc is examining the possibility of adding psychedelic compounds to its intellectual property portfolio.

What is the estimated market size for psychedelics by 2027?

The psychedelic therapy market is projected to exceed $10 billion by 2027.

What disorders is SciSparc's drug development targeting?

SciSparc's drug development targets Tourette syndrome, Alzheimer's disease, obstructive sleep apnea, pain, autism spectrum disorder, and epilepsy.

What is SciSparc's stock symbol?

SciSparc is listed under the stock symbol SPRC.