SciSparc Announces Closing of New JV Targeting Discovery of Potential Drugs for Cancers and Infectious Diseases
March 31 2022 - 9:30AM
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 completion of the previously announced
joint venture (“JV”) agreement to focus on the discovery and
development of potential drugs for cancers and other
life-threatening conditions, MitoCareX Bio Ltd., an Israeli
corporation (“MitoCareX Bio”) (the “JV Agreement”).
MitoCareX Bio 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.
Pursuant to the terms of the JV Agreement, at
closing, SciSparc delivered an initial amount of $700 thousands
(out of a total investment amount of up to $1.7 million). Based on
pre-determined milestones, SciSparc will further invest up to $1
million, for up to 50.01 percent ownership, in MitoCareX Bio over
the next two years subject to, and according to a number of
milestones agreed upon in the JV Agreement. MitoCareX Bio’s
innovative research will partly build upon successful
proof-of-concept experiments performed in the UK.
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 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. 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 its potential future
investments in the joint venture. 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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