SciSparc and Clearmind Medicine Reflect on Successful Collaboration in 2023 Aiming to Upgrade Wide Range of Psychedelic-Based Treatments
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The recent patent filings by Clearmind and SciSparc represent strategic moves to safeguard their innovative approaches in combining psychedelics with PEA for treating central nervous system disorders. Patent protection is critical in the pharmaceutical industry as it provides a period of market exclusivity, which can be pivotal for recovering R&D investments and achieving profitability. The inclusion of PEA, the active ingredient in SciSparc's CannAmide™, indicates an attempt to enhance the therapeutic profile of well-known psychedelics like LSD, psilocybin and MDMA.
These filings could potentially disrupt the market by offering new treatment options that may be safer or more effective than existing therapies. The joint ownership model ensures that both companies stand to benefit from the success of the patented compounds, incentivizing further collaboration and development efforts. However, the road from patent filing to product commercialization is long and fraught with regulatory hurdles and clinical trials, which must demonstrate safety and efficacy.
The exploration of psychedelics in mental health therapeutics is a growing trend, with evidence suggesting potential benefits in treatment-resistant conditions. The novel combinations proposed by Clearmind and SciSparc could address a significant unmet need within mental health care. The focus on proprietary combinations with PEA—a lipid that occurs naturally in the body and is believed to have anti-inflammatory and neuroprotective properties—could offer a dual mechanism of action that enhances the efficacy of traditional psychedelic compounds.
For stakeholders, the potential benefits include access to more effective treatments and the possibility of a competitive edge in a burgeoning sector of the pharmaceutical market. However, the long-term impact will depend on clinical trial outcomes and the ability of these companies to navigate the complex regulatory environment surrounding psychedelic substances. Success in these areas could lead to substantial market growth and investor interest in the sector.
The collaboration and subsequent patent filings between SciSparc and Clearmind could be seen as a positive indicator of future growth potential for both companies. Intellectual property is a valuable asset that can contribute to a company's market valuation. The announcement of these patent filings could influence investor sentiment and potentially lead to increased stock market activity for both entities.
However, investors should consider the inherent risks associated with investing in clinical-stage pharmaceutical companies, such as the possibility of failed clinical trials or the inability to bring a product to market. The long-term financial implications will largely hinge on the successful development and commercialization of the treatments covered by these patents. The synergy between the two companies could lead to shared resources and reduced costs, which can be attractive to investors looking for innovative companies with a collaborative edge.
The collaboration included six different provisional patent applications filed by Clearmind with the United States Patent and Trademark Office in February 2023 to protect the novel combinations of psychedelics with SciSparc's PEA
TEL AVIV, Israel, Jan. 04, 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, reflects on the successful collaboration in 2023 with Clearmind Medicine Inc. (“Clearmind") (Nasdaq: CMND) (CSE: CMND) (FSE: CWY), a biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems. Early in 2023, Clearmind filed six provisional patent applications with the United States Patent and Trademark Office (USPTO) for unique combinations of future psychedelic-based compounds, as part of its ongoing collaboration with SciSparc.
The patent applications are for novel proprietary combinations of lysergic acid diethylamide (LSD), psilocybin, N,N-dimethyltryptamine (DMT) and Palmitoylethanolamide (PEA) and novel proprietary combinations of 3,4-Methylenedioxymethamphetamine (MDMA), Ibogaine, Ketamine, and PEA. PEA is the active ingredient of SciSparc’s proprietary CannAmide™.
The patent applications represent a commitment by SciSparc and Clearmind to offer patients safer and more effective treatments than those available today partly by strengthening their IP portfolios to broaden the therapeutic psychedelic toolbox for patients with mental health disorders that require transformative medicines and by developing treatments that offer synergy, efficacy and safety, while reducing the total cost.
As part of the collaboration agreement between SciSparc and Clearmind, originally announced on March 8,2022, any assets generated from the collaboration shall be jointly owned by SciSparc and Clearmind.
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 Amazon 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 that SciSparc and Clearmind are committed to offering patients safer and more effective treatments than those available today through their patent applications and that any assets generated from the collaboration between SciSparc and Clearmind shall be jointly-owned. 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. 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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