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Developmental-stage psychedelics biotech Silo Pharma (NASDAQ:SILO) has entered into a research and development agreement to study and develop a dosage and time-release ketamine implant with fibromyalgia and chronic pain as the initially targeted indications.
The new project includes analytical testing and small batch, preclinical proof-of-concept trials to determine drug release and stability.
CEO Eric Weisblum says the company is “beginning to explore” the option of treating fibromyalgia through ketamine-loaded implants, which would add to the existent R&D program of novel compound SP-26.
The latter development is a time-released, dosage-controlled ketamine formulation of which positive results for pre-IND-enabling studies were recently announced, and for which Silo has filed a provisional patent application this past March.
Weisblum believes the results from the new research will provide additional information and data for Silo’s ongoing studies of ketamine treatments for fibromyalgia and other chronic pain conditions.
Fibromyalgia, a chronic condition causing generalized musculoskeletal pain as well as memory issues, sleep problems and fatigue affects about four million American adults -or about 2% of the total adult population.
An analysis by Fortune Business Insights has estimated the treatment market for this condition is projected to grow at a CAGR of over 9% within the 2020-2027 period, while a more recent review by EMR calculated an expected 8.1% CAGR for the period spanning 2023-2031, achieving a $5.27 million global value by 2031.
See also: Wesana Shareholders Vote For Psilocybin And CBD Therapy Asset Sales To Lucy Scientific
Silo is not alone in targeting fibromyalgia with psychedelic-assisted therapy. Tryp Therapeutics (OTC:TRYPF) is a patent-applied and in-progress psilocybin-based novel treatment.
Photo: Benzinga edit with photo by geralt on Pixabay and Wikimedia Commons.
