SciSparc Finalizes $3M Global Out-Licensing Deal for Pain Therapy

TEL AVIV, Israel, Aug. 16, 2024 — SciSparc Ltd. (Nasdaq: SPRC), a specialty clinical-stage pharmaceutical company focusing on treatments for central nervous system disorders and rare diseases, has signed an Exclusive Patent License Agreement with Polyrizon Ltd. This agreement pertains to the out-licensing of SciSparc's SCI-160 program, which is aimed at pain treatment.

Under the terms of the License Agreement, Polyrizon will receive exclusive, royalty-bearing global rights to develop and sublicense the SCI-160 assets. In return, SciSparc will receive Polyrizon shares valued at $3 million. Additionally, SciSparc may receive up to $3 million in cash payments if certain development milestones are achieved, along with royalties.

SCI-160 is a synthetic combination of cannabinoids and N-acylethanolamines designed to treat pain. Extensive pre-clinical studies by SciSparc indicate that specific proprietary combinations within SCI-160 can mediate analgesic effects in the peripheral nervous system without significant side effects, applicable to both acute and chronic pain scenarios.

These studies have demonstrated that SCI-160 is well tolerated, with no major adverse clinical effects. Its analgesic potency has been shown to be comparable to high-dose morphine and, in some cases, even more effective. This development is significant given the public health issues related to opioid abuse noted by the Centers for Disease Control and Prevention.

“We are pleased to finalize this License Agreement for the SCI-160 program,” said Oz Adler, SciSparc's Chief Executive Officer. “The agreement could allow us to benefit from royalties and milestone payments from the SCI-160 program without the need for further investment in its development.”

Oz Adler, who is also the Chief Financial Officer of SciSparc, serves on the board of directors at Polyrizon.

About SciSparc Ltd.:
SciSparc Ltd. is a clinical-stage pharmaceutical company with a focus on cannabinoid-based medications. The company is involved in various drug development programs, including SCI-110 for treating Tourette Syndrome and Alzheimer's disease agitation, SCI-160 for pain treatment, and SCI-210 for autism and status epilepticus. 

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