Silo Pharma Inc.'s stock (NASDAQ:SILO) is on the rise Wednesday following the company's announcement that it has been awarded a U.S. patent for its PTSD treatment titled "Pharmacological Prophylactics Against Stress-Induced Affective Disorders in Females."
What To Know: The patent reinforces protection for SPC-15, Silo's lead intranasal treatment targeting PTSD and adds to a previously issued patent from February 2023. The company has already submitted the final paperwork and paid the required fees, anticipating formal patent issuance within the next 90 days.
This development enhances Silo's intellectual property portfolio and secures broader technology rights for SPC-15. Through an exclusive license agreement with Columbia University, Silo has the rights to further develop, manufacture and commercialize SPC-15 on a global scale.
"We are pleased to kick off 2025 with this expected addition to our intellectual property portfolio. The approval of this patent broadens protection for SPC-15 and expands our technology rights," said Eric Weisblum, CEO of Silo.
Investors are reacting strongly to this news, as it potentially represents a significant milestone for the company's pipeline and underscores progress in its efforts to deliver innovative treatments. The patent approval and the upcoming clinical trials for SPC-15 appear to have bolstered market confidence, contributing to the substantial stock price increase.
SILO Price Action: Silo Pharma shares were up 54.9% at $1.71 at the time of writing, according to Benzinga Pro.
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