Silo Pharma Inc (NASDAQ:SILO) shares are trading higher on Tuesday on a high session volume of over 87 million.
The company entered into an exclusive global license agreement to further develop, manufacture, and commercialize its Alzheimer's drug SPC-14.
Silo intends to utilize the FDA's streamlined 505(b)(2) pathway for SPC-14, which would shorten clinical timelines and reduce drug development costs.
"In our view, our exclusive license for SPC-14 gives us the potential to meet a large unmet medical need...Early preclinical studies have shown stress reduction and cognitive improvement," said Silo CEO Eric Weisblum.
Silo Pharma recently announced a similar exclusive license agreement for its lead drug candidate, SPC-15, an intranasal treatment for stress-induced affective disorders and PTSD.
Silo recently submitted a pre-IND briefing package and meeting request for SPC-15 to the FDA earlier this month. The company is currently engaged in the final steps required before submission of an IND application to the FDA to begin first-in-human clinical studies.
The global Alzheimer's disease therapeutics market is forecasted to exceed $30.8 billion by 2033, with a CAGR of 18.8% from 2024 to 2033.
SPC-14 targets glutamate receptor NDMAR and serotonin type 4 receptor 5HT4 to treat cognitive and neuropsychiatric symptoms in Alzheimer's disease.
In the latest small animal preclinical study, SPC-14 was effective against LH (luteinizing hormone) stress in attenuating learned helplessness, perseverative behavior, and hyponeophagia, a measure of anxiety.
Price Action: SILO shares are up 128% at $2.44 at last check Tuesday.
Photo via Shutterstock