SciSparc- Clearmind Collaboration Evolves with New International Patent Application for Preventing and Treating Depression
SciSparc announces collaboration with Clearmind Medicine Inc. for novel therapy to treat depression. Clearmind submits patent application for MEAI compound combined with SciSparc's CannAmide™. Global depression and anxiety disorders treatment market expected to reach USD 41.83 billion by 2034.
The submission of a patent application under the international Patent Cooperation Treaty by Clearmind in collaboration with SciSparc represents a strategic move to secure intellectual property rights on a global scale. The combination of Clearmind's MEAI compound with SciSparc's CannAmide™ for treating depression taps into a significant market, with the depression and anxiety disorders treatment market projected to grow substantially. This suggests a potential increase in the valuation of both companies if the patent is granted and the treatment proves to be effective and safe in clinical trials.
Investors should note the compound's novel approach, combining a psychedelic-derived substance with an active ingredient known for its anti-inflammatory properties. This could differentiate the product in the competitive landscape of depression treatments, which includes SSRIs, SNRIs and other established pharmaceuticals. However, the success hinges on the completion of clinical trials and the subsequent approval by regulatory bodies, which is a lengthy and uncertain process.
The decision to file a patent application under the Patent Cooperation Treaty indicates a comprehensive approach to protect the proprietary composition internationally. This is a important step for biotech companies, as it allows them to maintain a competitive edge and potentially create licensing opportunities or partnerships. The filing of nine other patent applications for various compositions further strengthens the intellectual property portfolio of both SciSparc and Clearmind.
It is important for stakeholders to understand that the patent application process is intricate and the granting of a patent does not guarantee market success. The protection of intellectual property can, however, prevent competitors from entering the market with similar compositions, thus potentially providing a longer runway for SciSparc and Clearmind to recoup their investment in research and development once the product reaches the market.
The collaboration between SciSparc and Clearmind is noteworthy for its focus on novel therapeutic avenues in mental health, a field that has seen limited innovation over the past decades. The utilization of MEAI, a psychedelic-derived compound, in conjunction with PEA, an endogenous fatty acid amide, could offer a new mechanism of action in the treatment of depression. This aligns with the current trend in psychopharmacology research exploring the therapeutic potential of psychedelics and endocannabinoid system modulators.
Clinical efficacy, safety profile and the ability to address treatment-resistant depression will be key factors in determining the impact of this potential therapy on the market. Considering the high prevalence of depression and the growing acceptance of psychedelics in therapeutic settings, this collaboration could be at the forefront of a new wave of treatments, should clinical data prove positive. Nonetheless, the path from patent application to marketable product is fraught with regulatory and clinical challenges that will need to be navigated successfully.
03/27/2024 - 08:55 AM
TEL AVIV, Israel, March 27, 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 has submitted a patent application under the international Patent Cooperation Treaty.
The patent application refers to the novel proprietary composition of Clearmind’s MEAI compound (5-methoxy-2-aminoindane) with palmitoylethanolamide (“PEA”), the active ingredient of SciSparc’s proprietary CannAmide™, for preventing and/or treating depression.
This application was previously filed as a provisional patent application with the United States Patent and Trademark Office (“USPTO”).
According to the ResearchAndMarkets.com , the global depression and anxiety disorders treatment market size was estimated to be USD 21.56 billion in 2023 and is expected to reach at USD 41.83 billion by 2034 with a CAGR of 6.21% during the forecast period 2024-2034.
Overall, as part of this collaboration, nine other patent applications have been filed by Clearmind with the USPTO for various compositions, including the composition of SciSparc’s CannAmide™with Clearmind’s MEAI compound for the treatment of alcohol use disorder, cocaine addiction and obesity and its related metabolic disorders.
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
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 growth and expected size of the global depression and anxiety disorders treatment market. 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
What collaboration did SciSparc announce?
SciSparc announced a collaboration with Clearmind Medicine Inc. for the development of therapies to treat depression.
What patent application did Clearmind submit?
Clearmind submitted a patent application for combining their MEAI compound with SciSparc's CannAmide™ for preventing and/or treating depression.
What is the market size for depression and anxiety disorders treatment?
The global market size was estimated to be USD 21.56 billion in 2023 and is expected to reach USD 41.83 billion by 2034 with a CAGR of 6.21%.
How many patent applications have been filed by Clearmind as part of the collaboration?
Nine other patent applications have been filed by Clearmind with the USPTO for various compositions, including the combination of CannAmide™ with MEAI for the treatment of alcohol use disorder, cocaine addiction, and obesity.
