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SARASOTA, FL - Silo Pharma Inc. (NASDAQ:SILO), a biopharmaceutical company in the developmental stage with a market capitalization of $4.93 million, has announced a partnership with Veloxity Labs, LLC to conduct bioanalysis for its leading drug candidate SPC-15, which targets post-traumatic stress disorder (PTSD). According to InvestingPro data, the company maintains impressive gross profit margins of 91.9% and has seen its stock surge 35.8% in the past week. This collaboration is part of the preparatory work for an investigational new drug (IND) application, which the company anticipates submitting to the U.S. Food and Drug Administration (FDA) within the year.
SPC-15 is an intranasal prophylactic treatment designed to address PTSD, a condition that currently has limited therapeutic options. The engagement with Veloxity Labs aims to ensure compliance with Good Laboratory Practice (GLP) standards in toxicology and toxicokinetics studies, which are critical steps before advancing to clinical trials. The company’s strong financial position is evidenced by a healthy current ratio of 4.73, indicating sufficient liquidity to fund its research initiatives.
Eric Weisblum, CEO of Silo Pharma, expressed confidence in Veloxity Labs’ ability to deliver high-quality data quickly, which is crucial for the company’s timeline to move SPC-15 into human trials. Following the anticipated IND approval, Silo plans to initiate a Phase 1 clinical trial to test the safety and efficacy of the drug in humans. InvestingPro analysis suggests the stock is currently undervalued, with additional financial insights and 8 more ProTips available to subscribers.
Silo Pharma’s focus extends beyond PTSD, with a portfolio that includes treatments for fibromyalgia, chronic pain, and central nervous system (CNS) diseases. The company collaborates with leading universities and laboratories to develop innovative therapeutic programs.
The announcement of this partnership is based on a press release statement and contains forward-looking expectations that involve various risks and uncertainties. These include the possibility of delays or changes required by the FDA, which could impact the development timeline for SPC-15. Despite these risks, Silo Pharma remains committed to its research and development goals, aiming to address the needs of patients with stress-induced psychiatric disorders and other CNS conditions.
In other recent news, Silo Pharma, Inc. announced several key developments across its therapeutic pipeline. The company reported positive preclinical results for SP-26, an extended-release ketamine implant intended for fibromyalgia treatment, which met all safety and survival endpoints in studies conducted on minipigs. This outcome supports Silo’s move toward clinical trials for SP-26, which aims to offer a long-acting alternative to opioid treatments. Additionally, Silo Pharma has initiated a crucial toxicology study for its PTSD treatment candidate, SPC-15, a necessary step before seeking an Investigational New Drug application. In parallel, the company has partnered with Frontage Laboratories to conduct a 7-day safety study on SPC-15, advancing its regulatory process.
Silo Pharma also filed a patent application for SPC-14, a drug aimed at treating Alzheimer’s disease, which targets specific receptors associated with cognitive symptoms. Moreover, the company secured a patent for a new pharmacological agent designed to prevent stress-induced affective disorders in females, marking a potential advancement in mental health treatments. These recent developments underscore Silo Pharma’s ongoing efforts to expand its portfolio in psychiatric disorders, chronic pain, and central nervous system diseases.
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