SciSparc Issued Canadian Patent for Opioids Reduction Use in Pain Management Technology
SciSparc Ltd. (Nasdaq: SPRC) receives patent approval for its proprietary combination of opioids and n-acylethanolamines for pain treatment from the Canadian Intellectual Property Office. The global opioid market is valued at $22.8 billion in 2022 and is expected to grow at a CAGR of 1.4% from 2023 to 2030. SciSparc aims to improve the therapeutic effect of opiates in lower doses to reduce their addictive potential.
The patent approval for SciSparc's combination therapy marks a significant milestone for the company and potentially for the opioid market at large. The combination of opioids with n-acylethanolamines is designed to enhance pain relief while mitigating the risk of addiction. This development could address a critical gap in pain management, offering a safer alternative to traditional opioid therapies.
From an industry perspective, the integration of such therapies could disrupt the current opioid market dynamics. The patented technology may provide SciSparc with a competitive edge, particularly in markets with high regulatory barriers. Considering the global opioid crisis and the demand for less addictive pain management solutions, the market reception to this new therapy could be highly favorable, potentially leading to partnerships, licensing agreements, or even acquisitions.
However, the journey from patent approval to market adoption involves rigorous clinical trials and regulatory hurdles. The success of this technology will depend on its efficacy and safety profile demonstrated in upcoming clinical studies. If the trials are successful and regulatory approvals are granted, SciSparc could see a significant impact on its financials and market valuation.
The approval of SciSparc's patent by the Canadian Intellectual Property Office is not only a win for the company but also for public health policy. The opioid epidemic has been a major concern for healthcare systems worldwide and the development of treatments that can reduce addiction rates while effectively managing pain is a high priority.
The policy implications of such a technology are substantial. If it proves to be effective, it could lead to a shift in prescribing practices and pain management protocols. Health authorities may advocate for the adoption of this combination therapy to combat opioid misuse and addiction. This could result in changes to healthcare guidelines and insurance coverage, potentially increasing the demand for SciSparc's patented therapy and influencing the stock's performance.
It's important to monitor the company's progress through clinical trials and the responses from health regulators. Positive outcomes could accelerate the adoption process and make SciSparc a key player in the pharmaceutical industry's response to the opioid crisis.
SciSparc's patent approval in Canada has the potential to significantly impact its financial position. The opioid market, with a valuation of $22.8 billion in 2022, presents a substantial opportunity for growth, especially for companies that bring innovative solutions to the table. The anticipated compound annual growth rate of 1.4% through 2030 suggests a stable, albeit modest, expansion of the market.
Investors should consider the long-term revenue potential of the patented technology, factoring in the costs associated with clinical development and the time to market. The company's ability to capitalize on this patent will be closely watched, as it could lead to an increase in market share within the pain management sector.
While the news is promising, it is also essential to remain cautious. The actual impact on SciSparc's stock will depend on the successful progression of the technology through clinical trials and the subsequent market adoption. Any setbacks in these areas could pose risks to the expected financial outcomes.
03/06/2024 - 04:41 PM
TEL AVIV, Israel, March 06, 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 its had been received patent approval for its proprietary combination of opioids and n-acylethanolamines for pain treatment (the “Patent”).
The Patent has been granted by the Canadian Intellectual Property Office, the government agency in Canada that administers intellectual property rights and legislation for patents.
According to a report by Grand View Research, the global opioid market was valued $22.8 billion in 2022 and is anticipated to grow at a compound annual growth rate of 1.4% from 2023 to 2030. The increasing rate of regulatory approvals and the launch of new opioid medicines to treat patients with chronic pain are the factors expected to drive market growth. At the same time, opioid abuse and addiction has been a global growing epidemic for more than a decade.
"With the Canadian patent approval for our opioid reduction technology, SciSparc continues to build on global recognition of its innovations and breakthrough technologies. We are all aware of how effective opiates are in relieving pain, but also for their addictive influence. We believe that our technology will potentially make it possible to improve the therapeutic effect of opiates in lower doses, thereby reducing their addictive potential. Our technology represents hope for safer and more effective pain management strategies worldwide," said SciSparc’s Chief Executive Officer, Oz Adler.
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 the anticipated growth and reasons for the growth of the global opioid market, the belief that the Company’s technology will improve the therapeutic effect of opiates in lower doses, and that the Company’s technology represents hope for safer and more effective pain management strategies worldwide. 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 is the ticker symbol for SciSparc Ltd.?
The ticker symbol for SciSparc Ltd. is SPRC.
What did SciSparc receive patent approval for?
SciSparc received patent approval for its proprietary combination of opioids and n-acylethanolamines for pain treatment.
Which government agency granted the Patent to SciSparc?
The Canadian Intellectual Property Office granted the Patent to SciSparc.
What is the value of the global opioid market in 2022?
The global opioid market was valued at $22.8 billion in 2022.
What is the expected compound annual growth rate of the global opioid market from 2023 to 2030?
The global opioid market is anticipated to grow at a compound annual growth rate of 1.4% from 2023 to 2030.
What does SciSparc aim to achieve with its technology?
SciSparc aims to improve the therapeutic effect of opiates in lower doses to reduce their addictive potential.
