TEL AVIV, Israel, March 8, 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" or "SciSparc"), today
announced that it has entered into a collaboration agreement with
Clearmind Medicine Inc. (CSE: CMND), (OTC: CMNDF),
(FSE: CWY0) to explore the potential for the creation
of innovative compounds in the psychedelic area.
The collaboration will include, among others, examination of the
benefit of integrating the core technologies of each company to
explore the development of innovative psychedelic-centric drug
candidates, with strong efficacy and safety profiles, targeting
mental health-related diseases. The companies have begun the
collaboration with a joint pre-clinical study and are expecting its
results potentially to deepen the collaboration between the
parties.
Oz Alder, SciSparc's Chief Executive Officer, commented, "We
believe that the integration of the companies' technologies may
lead to a real change in the mental health pharmaceutical market.
I'm excited about collaborating with Clearmind as it is a company
dedicated to developing novel psychedelic-derived therapeutics to
solve widespread and underserved health problems with a strong
patent portfolio."
Despite heavy regulation globally, 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, up from $4.75 billion in 2020.
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 status
epilepticus.
About Clearmind Medicine (CSE: CMND), (OTC: CMNDF),
(FSE: CWY0):
Clearmind is a psychedelic pharmaceutical biotech company
focused on the discovery and development of novel
psychedelic-derived therapeutics to solve widespread and
underserved health problems, including alcohol use disorder. Its
primary objective is to research and develop psychedelic-based
compounds and attempt to commercialize them as regulated medicines,
foods or supplements. The Company's intellectual portfolio
currently consists of four patent families. The Company intends to
seek additional patents for its compounds whenever warranted and
will remain opportunistic regarding the acquisition of additional
intellectual property to build its portfolio.
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 benefits from and
deepening of the collaboration with Clearmind, the potential for
the creation of innovative compounds in the psychedelic area, their
potential safety and efficacy. and potential estimates of
the psychedelics future market size. 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.
Investor Contact:
IR@scisparc.com
Tel: +972-3-6167055
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SOURCE SciSparc Ltd.