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Silo Pharma Inc (NASDAQ:SILO) stock is surging on Thursday, with a session volume of 88 million compared to an average volume of 3.2 million, as per data from Benzinga Pro.
The company entered into a Device and CMC Development Master Plan with Resyca BV, a medical technology provider.
Resyca is a joint venture between Bespak Group and Medspray Pharma BV, which manufactures the formulation-specific microchip-based spray system chosen by Silo for its lead candidate SPC-15, an intranasal prophylactic treatment for post-traumatic stress disorder (PTSD).
“The patented nasal spray system uses cutting-edge nose-to-brain drug dispersion, a delivery method that transports the molecules to the brain directly, bypassing the blood-brain barrier,” said Eric Weisblum, Chief Executive Officer of Silo Pharma. “For SPC-15, we believe this delivery method could increase the drug’s concentration in the brain to deliver a faster onset of therapeutic benefit and optimized safety for PTSD patients.”
This Device and CMC Development Master Plan is intended to support the development, clinical formulation, and stability of a previously announced investigational new drug-enabling, large animal GLP study of SPC-15.
As part of an existing exclusive license agreement with Medspray Pharma, Silo holds exclusive rights to Medspray’s spray mist technology for use with multiple indications, including PTSD.
Silo is currently conducting pharmacokinetic and pharmacodynamic studies and recently submitted a pre-IND briefing package and meeting request to the FDA for SPC-15.
SPC-15 is a novel serotonin 4 (5-HT4) receptor agonist that utilizes biomarkers for the treatment of PTSD, anxiety, and other stress-induced affective disorders.
SPC-15 is being developed as an intranasal medication.
Silo Pharma is conducting preclinical studies of SPC-15 in collaboration with Columbia University and was granted an exclusive license to further develop, manufacture, and commercialize SPC-15 worldwide.
Recently, Silo Pharma entered into an exclusive global license agreement to further develop, manufacture, and commercialize its Alzheimer’s drug SPC-14.
Price Action: SILO stock is up 63.1% at $3.67 at last check Thursday.
Photo via Shutterstock
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