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SARASOTA, FL - Silo Pharma Inc. (NASDAQ:SILO), a biopharmaceutical company, has announced a partnership with Sever Pharma Solutions to scale up the extrusion process of its SP-26 ketamine-based implant for chronic pain and fibromyalgia treatment. Sever Pharma will also continue analytical testing of the time-released, dose-controlled ketamine hydrochloride (ketamine HCL) polymer implants.
The CEO of Silo Pharma, Eric Weisblum, remarked on the ongoing collaboration with Sever Pharma Solutions, emphasizing the progression towards further pre-clinical testing of the non-opioid therapeutic. This step is crucial for determining the final dosage and formulation for use in animal studies.
SP-26 is designed as a subcutaneous implant to regulate dosage and time release of the pain-relieving treatment. If SP-26 proves successful in clinical trials, it may be eligible for the FDA's 505(b)(2) regulatory pathway, which could streamline the drug approval process.
Silo Pharma focuses on developing treatments for psychiatric disorders, chronic pain conditions, and central nervous system diseases. Its portfolio includes SPC-15, an intranasal treatment for PTSD and anxiety disorders, and two preclinical programs: SPC-14, targeting Alzheimer’s disease, and SPU-16, a peptide aimed at multiple sclerosis.
In other recent news, biopharmaceutical company Silo Pharma has been making significant strides in its research and development endeavors. The company has partnered with WuXi AppTec to conduct preclinical research on a peptide, SPU-16, aimed at treating multiple sclerosis. Concurrently, the firm has collaborated with Resyca BV to develop a microchip-based nasal spray system for delivering drugs directly to the brain, a potential game-changer for post-traumatic stress disorder treatment.
In terms of financial developments, Silo Pharma has secured approximately $2.1 million through a registered direct offering and concurrent private placement of securities. The proceeds from these transactions are anticipated to be used for working capital and general corporate purposes.
InvestingPro Insights
Silo Pharma Inc. (NASDAQ:SILO) has been advancing its mission to innovate in the biopharmaceutical space, as evidenced by their recent partnership with Sever Pharma Solutions. As investors consider the potential of SILO's cutting-edge treatments, it's worth noting some key financial metrics and insights from InvestingPro that may shed light on the company's investment profile.
InvestingPro Data reveals that Silo Pharma has a market capitalization of $5.56 million, which positions it as a smaller player in the biopharmaceutical industry. Despite this, the company maintains an impressive gross profit margin of 91.9% for the last twelve months as of Q1 2024, which is indicative of its efficient production capabilities and potential for scalability. However, it's important to recognize that the company's operating income margin was -5452.86% in the same period, highlighting the substantial costs associated with its research and development efforts.
InvestingPro Tips suggest that Silo Pharma is a niche player in the biopharmaceutical industry, which is consistent with its focus on specific therapeutic areas like psychiatric disorders and chronic pain conditions. Moreover, the company is not expected to be profitable this year, which aligns with the challenges often faced by biopharmaceutical companies in the pre-revenue stages of drug development.
For investors looking for more insights, there are additional InvestingPro Tips available, which can be accessed on the InvestingPro platform. These tips provide deeper analysis and investment considerations for those evaluating SILO's stock.
The financial and strategic moves of Silo Pharma, coupled with the insights from InvestingPro, offer a comprehensive view for investors monitoring the company's trajectory in the dynamic biopharmaceutical sector.
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