Silo Pharma (NASDAQ: SILO) stock soared during intraday trading after the biopharmaceutical company partnered with Resyca BV to develop a microchip-based nasal spray for its lead drug candidate.
Silo Pharma has announced a new partnership with Resyca BV, a top medical technology provider, to advance its leading drug candidate, SPC-15. This partnership focuses on developing a cutting-edge nasal spray system using microchip technology to deliver drugs directly to the brain. This method could potentially improve treatments for post-traumatic stress disorder (PTSD).
Silo Pharma and Resyca have developed a Device and CMC Development Master Plan to support investigational new drug (IND) studies for SPC-15. It will help refine the clinical formulation and stability of SPC-15, a serotonin 4 (5-HT4) receptor agonist, for an upcoming large animal Good Laboratory Practice (GLP) study.
Eric Weisblum, CEO of Silo Pharma, emphasized that this nose-to-brain delivery method could increase the concentration of the drug in the brain, offering a quicker therapeutic response and improved safety for PTSD patients.
The company is currently conducting GLP-compliant pharmacokinetic and pharmacodynamic studies of SPC-15. The company has also submitted a pre-IND briefing package to the U.S. Food and Drug Administration (FDA).
The success of SPC-15 in clinical trials may lead to qualification for the FDA’s 505(b)(2) regulatory pathway, potentially streamlining its approval process.
The company, in partnership with Columbia University, is conducting preclinical studies on SPC-15 and holds an exclusive global license for the drug’s development, manufacturing, and commercialization.
Silo Pharma (NASDAQ: SILO) Stock Reaction
SILO stock surged 54.22% on Thursday, closing at $3.47, marking a 254.08% increase for the week. The trading volume was 105,403,088 shares, significantly higher than the average daily volume of 4.95 million.
