SciSparc Announces Positive Results for MitoCareX Bio with its Drug Discovery Platform
December 13 2023 - 7:18AM
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, previously announced that MitoCareX Bio Ltd.
("MitoCare X Bio"), its joint venture with Dr. Alon Silberman, that
focuses on the discovery and development of drugs for cancer
treatment, achieved positive results with the development of its
laboratory capabilities by establishing a variety of small-molecule
screening platforms.
On November 27, 2023, the Company announced that with this
development, MitoCareX Bio achieved its second milestone pursuant
to the Founders and Investment Agreement, signed on March 10, 2022
(the “Agreement”).
MitoCareX Bio is a drug discovery company focusing on targeting
the nuclear encoded human mitochondrial carriers – the largest
solute transporter family in humans (Solute Carrier Family 25,
SLC25). Consisting of 53 members, transporters of this
mitochondrial family are found to be altered in diverse types of
malignancies due to their significant role in the
cytosol-mitochondria crosstalk. Pursuant to the Agreement,
MitoCareX Bio completed the experimental testing and validating of
its diverse in-vitro small molecule screening systems to enable
rapid and reliable validations of its in-silico (virtual) results.
Following the experimental testing and validating of its results,
MitoCareX Bio thereby achieved its second milestone by developing
multiple lab screening platforms that screen for and, in turn,
isolate potential anti-cancer drug molecules for pre-clinical
studies.
As per the Agreement, reaching the second milestone results
triggers the condition that SciSparc invest an additional $600,000
into the joint venture within 30 days of the date the second
milestone was achieved. Following this investment, the Company will
hold 50.1% of the issued and outstanding share capital of MitoCare
X Bio.
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 furtherance of the joint venture’s
clinical development as facilitated by the small-molecule screening
platforms and that the achievement of the second milestone of the
Agreement triggers SciSparc’s additional investment into the joint
venture and, in turn, its impending majority stake in MitoCareX
Bio. 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. 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.comTel: +972-3-6167055
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