Silo Pharma Signs Agreement to Develop First-in-Class Ketamine Implant Therapeutic
June 13 2023 - 7:05AM
Silo Pharma, Inc. (Nasdaq: SILO) (“the Company”), a
developmental stage biopharmaceutical company focused on merging
traditional therapeutics with psychedelic research, today announced
its entry into a research and development agreement to study and
develop a dosage and time-release ketamine implant for the
treatment of fibromyalgia. The research project includes analytical
testing services and small batch pre-clinical proof of concept
extrusion trials to determine drug release and stability.
“Alongside our development of SP-26, our novel time-release
topical formulation of ketamine, we are beginning to explore an
additional option for treating fibromyalgia using ketamine-loaded
implants,” said Eric Weisblum, Chief Executive Officer of Silo
Pharma. “The outcome of this research will provide additional
information and data for our ongoing studies of ketamine treatments
for fibromyalgia and other chronic pain indications.”
Fibromyalgia is a chronic condition causing widespread
musculoskeletal pain accompanied by memory issues, sleep problems,
and fatigue. The disorder affects about four million American
adults, or about 2% of the adult population, and its treatment
market is projected to grow at a compound annual growth rate of
over 9% in the 2020-2027 period.1
About Silo Pharma
Silo Pharma. Inc. is a development-stage biopharmaceutical
company focused on merging traditional therapeutics with
psychedelic research for people suffering from indications such as
PTSD, Alzheimer’s disease, and other rare neurological disorders.
Silo’s mission is to identify assets to license and fund the
research which we believe will be transformative to the well-being
of patients and the healthcare industry. For more information visit
www.silopharma.com
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements that involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company under takes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's filings with the SEC.
Contact
800-705-0120 investors@silopharma.com
1 Fortune Business Insights; Fibromyalgia Treatment Market Size,
Share and Trends. September 2022.
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