SciSparc and Clearmind file patent for eating disorder treatment

TEL AVIV - SciSparc Ltd. (NASDAQ:SPRC), a specialty pharmaceutical company, in collaboration with Clearmind Medicine Inc. (NASDAQ:CMND), has filed an international patent application for a new treatment aimed at eating disorders such as anorexia and bulimia. The proposed therapy combines 3-Methylmethcathinone (3-MMC) with SciSparc’s Palmitoylethanolamide (PEA), targeting the intricate neurobiological and psychological elements of these conditions.

Eating disorders, which rank among the leading causes of disability in young women, affect up to 70 million individuals worldwide and have seen a rise in prevalence from 3.4% to 7.8% between 2000 and 2018. These disorders not only have a severe impact on mental health but also on physical health and daily functioning, with mortality rates that are among the highest for mental health conditions.

SciSparc specializes in developing therapies for central nervous system disorders and is currently working on drug development programs that include treatments for Tourette Syndrome, Alzheimer’s disease, Autism Spectrum Disorder (ASD), and status epilepticus, with a focus on cannabinoid-based pharmaceuticals. The company also has a subsidiary that sells hemp seed oil-based products online.

Clearmind, a clinical-stage biotech firm, is focused on developing psychedelic-derived therapeutics for health issues like alcohol use disorder. The company’s intellectual property portfolio boasts nineteen patent families and 31 granted patents, with a strategy to continue expanding its patent holdings and seeking commercialization opportunities for its compounds as regulated medicines or supplements. Recent market data from InvestingPro shows the stock has faced challenges, declining 12.5% in the past week and currently trading at $0.98. With a beta of -1.36, the stock typically moves in the opposite direction of the broader market. InvestingPro analysis suggests the stock may be slightly undervalued at current levels.

The announcement of the patent application is based on expectations and is considered a forward-looking statement, subject to risks and uncertainties that could cause actual results to differ from those projected. These forward-looking statements do not guarantee future performance and involve known and unknown risks. SciSparc has previously disclosed these risks in its filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F. Financial metrics from InvestingPro highlight these challenges, with Clearmind reporting negative EBITDA of $5.85 million and currently not profitable. Subscribers to InvestingPro can access over 30 additional financial metrics and exclusive insights to better assess investment opportunities in the biotech sector.

This news is grounded in a press release statement and reflects the current steps taken by SciSparc and Clearmind to address the pressing need for innovative treatments in the realm of eating disorders.

In other recent news, Clearmind Medicine Inc. has initiated a Phase I/IIa clinical trial for its drug candidate CMND-100, aimed at treating Alcohol Use Disorder (AUD). This trial is taking place at renowned institutions including Johns Hopkins University School of Medicine and Yale School of Medicine, focusing on the safety and efficacy of the drug in reducing alcohol cravings and consumption. Additionally, Clearmind has filed an international patent application for a treatment targeting eating disorders, involving a combination of 3-Methylmethcathinone and Palmitoylethanolamide. In collaboration with Yissum Research Development Company, Clearmind has also published a patent application for new psychedelic compounds intended to treat mental health disorders and addiction. The company has launched an Electronic Data Capture system to support data management in its AUD trial, ensuring secure and compliant data collection. Clearmind’s drug candidate CMND-100 has arrived in the U.S., marking a significant milestone in the company’s clinical trial process. These developments highlight Clearmind’s ongoing efforts to expand its intellectual property portfolio, which currently includes 19 patent families and 31 granted patents. The company remains focused on developing innovative treatments for various health challenges, including addictions and mental health disorders.

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