SciSparc's Board of Directors Provides Strategic Decision
June 09 2022 - 8:30AM
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 the Company's board of directors
resolved to initiate a process to review potential strategic
transactions with the goal of maximizing shareholder value.
Potential strategic transactions to be explored and evaluated
during the review process may include additional investments in
innovative companies, acquisitions, a strategic partnership with
one or more parties, or the licensing of one or more of the
Company’s proprietary technologies or indications. If any such
transaction results in equity consideration, the Company may
consider making dividend in kind distributions, subject to
applicable law and regulations, to its shareholders.
Pending any decision to undertake any such strategic
transaction, the Company will continue its development activities
in accordance with its existing business strategy.
"Our cash position provides us the opportunity to carefully
consider a range of potential strategic alternatives designed to
maximize shareholder value," said Oz Adler, SciSparc's Chief
Executive Officer. "As we assess potential external strategic
alternatives, we continue to seek to create value through the
development of unique clinical-stage treatments for the central
nervous system, including Alzheimer's disease, Tourette syndrome
and more. We plan to continue our trials according to the FDA
guidelines and explore our new path with psychedelic pharmaceutical
treatments."
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, 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.
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 review process for
potential strategic plans, potential dividend distributions and
value creation for shareholders. The Company may not enter
into any strategic transactions or pay any dividends, or even if it
does, they may not maximize shareholder value. Further,
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 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.
Investor Contact: IR@scisparc.com Tel:
+972-3-6167055
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