Developmental-stage biopharmaceutical company Silo Pharma, Inc. (NASDAQ:SILO) shares are trading higher on Friday.

The company has announced a collaboration with Kymanox to develop a specialized subcutaneous insertion device for SP-26, its ketamine-loaded implant aimed at treating fibromyalgia and chronic pain.

The agreement includes a proof-of-concept design phase followed by prototype testing to determine the optimal tissue insertion depth.

Silo Pharma's CEO, Eric Weisblum, highlighted that previous trials have confirmed the implant's optimal formulation, and the focus now shifts to refining the insertion device for preclinical studies.

"Now we are advancing this program to develop a novel insertion device that is intended to be tested in continuing preclinical studies," Weisblum added.

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If clinically successful, SP-26 could qualify for the FDA's streamlined 505(b)(2) regulatory pathway for drug approval, the company said.

SP-26 is designed with the goal of meeting FDA safety standards for at-home use. In addition to the SP-26 project, Kymanox also serves as Silo's regulatory partner for SPC-15, a treatment for stress-related disorders like PTSD.

According to Benzinga Pro, SILO stock has lost over 39% in the past year.

Price Action: SILO shares are trading higher by 6.68% to $0.9601 at last check Friday.

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