SciSparc and Clearmind Continue to Strengthen International Patent Portfolio with Next Generation Classic Psychedelic-Based Compounds
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The filing of three patent applications under the international Patent Cooperation Treaty by Clearmind Medicine Inc., in collaboration with SciSparc Ltd., represents a strategic move to fortify their intellectual property rights globally. This action underscores the companies' commitment to advancing their research in psychedelic-derived therapeutics, a niche but rapidly growing segment within the pharmaceutical industry.
From a business perspective, the expansion of the intellectual property portfolio could serve as a catalyst for future partnerships, licensing deals, or even acquisitions. The combination of compounds like LSD, psilocybin, DMT and SciSparc's CannAmide™ could potentially address a range of mental health issues, which is a market with significant unmet needs. As these treatments progress through clinical trials and regulatory hurdles, the patents could provide a competitive edge and create barriers to entry for competitors.
However, the development of psychedelic-based therapies is still in its nascent stages and the regulatory environment is complex. The long-term success of these therapies will depend on clinical outcomes, regulatory approvals and market acceptance. Investors should monitor the progress of the clinical trials and any emerging data on efficacy and safety.
The decision by Clearmind to file these patent applications internationally, transitioning from provisional to full applications, indicates a level of confidence in their proprietary combinations of psychedelics and SciSparc's CannAmide™. The Patent Cooperation Treaty streamlines the process for seeking patent protection in multiple countries, which is a prudent step for companies looking to commercialize their innovations on a global scale.
Intellectual property is a critical asset in the pharmaceutical industry, particularly for clinical-stage companies that rely on a strong patent portfolio to attract investment and secure a return on their research and development expenditures. The value of these patents will be contingent upon the legal robustness of the claims and the ability to defend them against potential infringement.
It is important for stakeholders to understand that the patent process can be lengthy and expensive, with no guarantee of ultimate approval. Moreover, the specific nature of the patented combinations could face additional scrutiny, given the controversial history of psychedelics and the evolving legal status of these substances in various jurisdictions.
The therapeutic landscape for mental health is evolving with a growing interest in alternative treatments, including psychedelic-derived therapeutics. The patent applications for novel combinations involving LSD, psilocybin, DMT and PEA highlight a trend towards exploring the synergistic effects of these compounds. This approach could potentially lead to breakthroughs in treating disorders of the central nervous system, which is a promising development given the current limitations of traditional psychiatric medications.
While the clinical efficacy and safety of these combinations are yet to be fully established, the preclinical and early clinical data could be promising. The success of these compounds would not only benefit patients but could also disrupt the existing market for mental health medications, which is dominated by a few large pharmaceutical companies.
Investors and stakeholders should note that while the potential for these novel therapies is significant, so is the risk. The path from patent filing to marketable product is fraught with clinical, regulatory and commercial challenges. Close attention should be paid to the outcomes of ongoing and future clinical trials, as they will be instrumental in determining the viability of these compounds as therapeutic options.
TEL AVIV, Israel, Feb. 20, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced today that as part of its ongoing collaboration with Clearmind Medicine Inc. (“Clearmind”) (Nasdaq: CMND) (CSE: CMND) (FSE: CWY), a biotechnology company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated mental health problems, Clearmind filed three patent applications under the international Patent Cooperation Treaty.
The three patent applications refer to novel proprietary combinations of lysergic acid diethylamide (LSD), psilocybin, N,N-dimethyltryptamine (DMT) and Palmitoylethanolamide (PEA), the active ingredient of SciSparc's proprietary CannAmide™.
These applications were previously filed by Clearmind as provisional patent applications with the United States Patent and Trademark Office.
"We are pleased to continue our ongoing collaboration with Clearmind by expanding the intellectual property portfolio, which is an important asset," said SciSparc’s Chief Executive Officer, Oz Adler. "We believe in the added value that CannAmide™ can offer when combined with various psychedelic compounds that are known for their therapeutics advantages."
About SciSparc Ltd. (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 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 ASD and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds oil-based products on the Amazon.com Marketplace.
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 the Company’s ongoing collaboration with Clearmind and the belief of the added value that CannAmide™ can offer when combined with various psychedelic compounds. Historical 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 May 1, 2023, 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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