SciSparc Licenses Pain Therapy to Biotech Firm in $6M Deal

SciSparc Ltd. (Nasdaq: SPRC), a clinical-stage pharmaceutical company specializing in therapies for central nervous system disorders and rare diseases, has entered into an Exclusive Patent License Agreement with Polyrizon Ltd. This agreement pertains to the out-licensing of SciSparc’s SCI-160 program, which is focused on pain treatment.

Announced earlier in August 2024, this agreement grants Polyrizon exclusive rights to develop and sublicense the SCI-160 assets globally. In return, SciSparc will receive compensation valued at $3 million in Polyrizon securities. Additionally, SciSparc stands to gain approximately $3 million in cash if certain development milestones are achieved, along with potential royalties.

SCI-160 is a proprietary synthetic combination of cannabinoids and N-acylethanolamines specifically designed for pain management. Numerous pre-clinical studies have demonstrated that several combinations within SCI-160 can mediate analgesic effects in the peripheral nervous system without causing significant side effects, applicable to both acute and chronic pain. In some of these studies, SCI-160 showed a well-tolerated profile with no significant adverse clinical effects. Its analgesic effect was comparable to high-dose morphine and, in some cases, even more potent.

Prescription opioids are commonly used to manage moderate-to-severe pain, but their abuse has become a significant public health issue according to the Centers for Disease Control and Prevention. Therefore, SCI-160’s potential to offer a safer alternative is noteworthy.

Oz Adler, the CEO and CFO of SciSparc, also serves on the board of directors for Polyrizon, underscoring the collaborative relationship between the two companies.

SciSparc Ltd. is led by a team of senior executives and scientists with extensive experience. The company is committed to developing a portfolio of cannabinoid-based pharmaceuticals. Their current drug development programs include SCI-110 for treating Tourette Syndrome and Alzheimer’s disease-induced agitation, SCI-160 for pain management, and SCI-210 for autism and status epilepticus. Additionally, SciSparc holds a controlling interest in a subsidiary that sells hemp seed oil-based products on Amazon.