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Friday, SciSparc Ltd. (NASDAQ:SPRC) signed an exclusive patent license agreement with Polyrizon Ltd to out-license its SCI-160 program to treat pain.
According to the License Agreement, Polyrizon will receive an exclusive, royalty-bearing global license to develop and sublicense SCI-160.
In exchange, SciSparc would be entitled to receive consideration in the form of Polyrizon securities valued at $3 million,, and potentially milestone fees of approximately $3 million in cash, if certain development milestones will be met, and royalties.
SCI-160 is a synthetic combination of cannabinoids and N-acylethanolamines in the field of pain treatment.
Based on numerous preclinical studies conducted by the company, several proprietary combinations have been found to mediate analgesic effects in the peripheral nervous system without causing significant side effects in acute and chronic pain.
In certain studies, SCI-160 was found to be well tolerated, did not cause any significant adverse clinical effects, and had a comparable analgesic effect to high-dose morphine and, in some instances, exerted even greater potency.
Oz Adler, SciSparc’s Chief Executive and Chief Financial Officer, is a member of Polyrizon’s board of directors.
In April, SciSparc agreed to a merger agreement with AutoMax Motors Ltd., an Israeli vehicle importer. The deal terms were not disclosed.
The strategic move entails SciSparc securing full ownership of AutoMax and establishing a fresh subsidiary in Israel that will subsequently merge with AutoMax.
Price Action: SPRC stock is up 21.8% at $0.45 during the premarket session at last check Monday.
Image via Shutterstock
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