Silo Pharma partners with Fireblocks for crypto treasury management

SARASOTA, FL - Silo Pharma, Inc. (NASDAQ:SILO), a developmental-stage biopharmaceutical and cryptocurrency treasury company with a market capitalization of $7.29 million, announced Monday it has begun implementing its strategic agreement with Fireblocks to provide infrastructure for its crypto treasury management platform. The company maintains a strong balance sheet, with cash exceeding debt and a healthy current ratio of 6.07, according to InvestingPro data.

Fireblocks will supply institutional-grade infrastructure for Silo’s buying, staking, and management of digital assets. The platform combines multi-party computation technology, Intel SGX, a signature policy engine, and a deposit address authentication network for secure digital asset custody.

"Fireblocks brings unmatched expertise and a proven track record to help Silo implement our treasury strategy," said Eric Weisblum, CEO of Silo.

According to the press release, Fireblocks has facilitated the secure transfer of more than $10 trillion in digital assets to date.

Silo Pharma describes itself as having a therapeutic focus on addressing underserved conditions including stress-induced psychiatric disorders, chronic pain, and central nervous system diseases. The company’s portfolio includes programs such as SPC-15 for PTSD, SP-26 for fibromyalgia and chronic pain, and preclinical assets targeting Alzheimer’s disease and multiple sclerosis. With an impressive gross profit margin of 91.9%, the company shows strong operational efficiency. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available to subscribers. Discover more valuable metrics and 8 additional ProTips by visiting InvestingPro.

The company conducts its research in collaboration with universities and laboratories, according to the statement.

In other recent news, Silo Pharma has announced significant developments concerning its intellectual property and research activities. The company received a Japanese patent for its PTSD treatment technology, SPC-15, which is an intranasal treatment targeting post-traumatic stress disorder. This patent was granted by the Japan Patent Office to Columbia University, Silo’s research and licensing partner. Additionally, Silo Pharma was granted an Australian patent for the same PTSD treatment technology, further strengthening its intellectual property portfolio.

Moreover, Silo Pharma published preclinical research for its Alzheimer’s disease therapeutic, SPC-14, in the journal Alzheimer’s Research & Therapy. The study demonstrated that a combination of (R,S)-ketamine with prucalopride improved cognitive decline in a mouse model. On the technology front, Silo Pharma engaged Fireblocks as a custodian for its institutional crypto treasury platform, aiming to enhance security and governance standards. Fireblocks will provide the necessary infrastructure for managing digital assets, including Bitcoin, Ethereum, and Solana. These developments highlight the company’s ongoing efforts in both the biopharmaceutical and cryptocurrency sectors.

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