The ongoing collaboration between SciSparc Ltd. (NASDAQ:SPRC) and Clearmind Medicine Inc. (NASDAQ:CMND) (CSE:CMND) (FSE: CWY) resulted in the Tuesday filing of three patent applications under the International Patent Cooperation Treaty.
SciSparc, a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system and Clearmind, a biotech company focused on the discovery and development of novel psychedelic-derived therapeutics, jointly announced that the three patent applications refer to novel proprietary combinations of lysergic acid diethylamide (LSD), psilocybin, N,N-dimethyltryptamine (DMT) and Palmitoylethanolamide (PEA), the active ingredient of SciSparc's proprietary CannAmide.
The patents seek to protect the companies' psychedelic compound combinations, ensuring exclusive rights to their innovative therapies. This move aims to solidify their market position, attract investments and drive the advancement of psychedelic medicine for mental health treatment.
These applications were previously filed by Clearmind as provisional patent applications with the United States Patent and Trademark Office.
Executive Insights On Strategic Expansion
"We are pleased to continue our ongoing collaboration with Clearmind by expanding the intellectual property portfolio, which is an important asset," said SciSparc's CEO, Oz Adler. "We believe in the added value that CannAmide can offer when combined with various psychedelic compounds that are known for their therapeutic advantages."
SPRC And CMND Price Action
SPRC's shares were trading 2.74% higher at $4.13 per share and CMND's shares were trading 7.79% lower at $1.42 per share at the time of this writing around 10 AM ET Wednesday.
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Photo: Benzinga edit with photo by Photon photo and Jynto on Wikimedia Commons.
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