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SciSparc Signs Non-Binding Letter of Intent for Exclusive Global Out-Licensing of Pain Treatment for Approximately $6 million
SciSparc (Nasdaq: SPRC) has signed a non-binding letter of intent (LOI) for the exclusive global out-licensing of its SCI-160 pain treatment program. The deal, valued at approximately $6 million, includes:
1. $3 million in ordinary shares and pre-funded warrants of the undisclosed biotechnology company
2. Potential additional payments and execution fees of about $3 million in cash, subject to meeting certain milestones
SCI-160 is a proprietary synthetic cannabinoid formulation that has shown promising results in pre-clinical studies, demonstrating analgesic effects comparable to high-dose morphine without significant side effects. This development aligns with efforts to address the opioid crisis, as prescription opioid-related deaths have increased significantly since 1999.
1. $3 million in ordinary shares and pre-funded warrants of the undisclosed biotechnology company
2. Potential additional payments and execution fees of about $3 million in cash, subject to meeting certain milestones
SCI-160 is a proprietary synthetic cannabinoid formulation that has shown promising results in pre-clinical studies, demonstrating analgesic effects comparable to high-dose morphine without significant side effects. This development aligns with efforts to address the opioid crisis, as prescription opioid-related deaths have increased significantly since 1999.
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