Summary by Moomoo AI
SciSparc Ltd. has entered into an exclusive patent license agreement with Polyrizon Ltd. on August 13, 2024, for the out-licensing of its SCI-160 pain therapy program. Under the agreement, Polyrizon will receive exclusive, royalty-bearing global rights to develop and sublicense the assets, while SciSparc will receive Polyrizon securities valued at $3 million and potential milestone fees of approximately $3 million if certain development targets are met.The licensed SCI-160 program is an innovative synthetic combination of cannabinoids and N-acylethanolamines for pain treatment. Pre-clinical studies have shown the treatment to be well-tolerated with comparable or superior analgesic effects to high-dose morphine, without significant adverse effects in both acute and chronic pain conditions.The agreement also includes the termination of a previous co-development agreement dated May 30, 2022, between the two companies. Notably, SciSparc's CEO and CFO Oz Adler serves as a board member of Polyrizon, and the deal structure allows SciSparc to potentially benefit from royalties without additional development investment.
