TEL AVIV, Israel, March 10, 2022 /PRNewswire/ -- SciSparc Ltd.
(NASDAQ: SPRC) (the "Company" or "SciSparc"), a specialty,
clinical-stage pharmaceutical company focusing on the development
of therapies to treat disorders of the central nervous system,
today announced the intended formation of a joint venture ("JV") to
focus on the discovery and development of potential drugs for
cancers and other life-threatening conditions. Under the terms of
the JV, to promote this intention, SciSparc will establish a new
drug discovery company, MitoCareX Bio Ltd., an Israeli corporation
("MitoCareX Bio").
The JV will focus on investigating mitochondrial carriers,
transport proteins crucial for cell viability. Because of
mitochondrial carriers' significant role in transporting necessary
metabolites for cell functioning across the inner mitochondrial
membranes, the Company believes various life-threatening
conditions, such as cancers and rare mitochondrial diseases, might
be treated by regulating the function of mitochondrial carriers. In
humans, the mitochondrial carrier family (Solute Carrier Family
25, SLC25) consists of 53 members and is the largest solute
transporter family.
"This is an exciting opportunity to potentially further expand
our pipeline into multiple new indications targeting large unmet
medical needs," stated Oz Adler, Chief Executive Officer and Chief
Financial Officer of SciSparc. "MitoCareX Bio intends to employ
computationally-based drug discovery capabilities, leveraging vast
research experience and specific knowledge in the field, to
discover and potentially develop a pipeline that may include small
molecules targeting the proteins of interest in various
life-threatening conditions."
To form the JV, SciSparc will establish a new drug discovery
company, MitoCareX Bio Ltd. ("MitoCareX Bio"). Based on
pre-determined milestones, SciSparc will invest up to $1.7 million, for up to 50.01 percent ownership,
in MitoCareX Bio over the next two years and according to a number
of milestones agreed upon in the agreement. MitoCareX Bio's
innovative research will partly build upon successful
proof-of-concept experiments performed in the UK. Professor
Ciro Leonardo Pierri (University of
Bari, Italy), a global expert in
the field of mitochondrial carrier proteins, has indicated to the
Company that he intends to support the program as a consultant to
the Company.
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. Learn more at https://scisparc.com/.
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 establishment of a joint venture
company to focus on discovery, research and development of
potential drugs for cancers and other life-threatening conditions
and in investing in new innovative research opportunities to
potentially further expand the Company's pipeline into multiple new
indications targeting medical needs. 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.