Silo Pharma (NASDAQ: SILO) stock more than doubled during intraday trading following the company’s acquisition of an exclusive global license for Alzheimer’s drug development.
Silo Pharma has secured an exclusive global license agreement for the development and potential market launch of its Alzheimer’s medication, SPC-14. The company plans to leverage the FDA’s streamlined 505(b)(2) pathway to expedite clinical timelines and reduce development costs for SPC-14.
The 505(b)(2) pathway is used for new drug applications where some of the information required for approval comes from studies not conducted by or for the applicant. This can save time and money compared to traditional pathways.
Silo CEO Eric Weisblum, said,
“In our view, our exclusive license for SPC-14 gives us the potential to meet a large unmet medical need. If approved, we believe SPC-14 could bring hope and relief to many families and patients. Early pre-clinical studies have shown stress reduction and cognitive improvement.”
The development comes shortly after Silo Pharma secured a similar exclusive license agreement for another lead drug candidate, SPC-15, an intranasal treatment for stress-induced affective disorders and post-traumatic stress disorder (PTSD).
Alzheimer’s disease presents a significant market opportunity, with forecasts indicating that the global therapeutics market will exceed $30.8 billion by 2033, growing at a compound annual growth rate (CAGR) of 18.8% from 2024 to 2033. The rising prevalence of the disease in the expanding elderly population and advancements in neurological research will drive market growth. Silo Pharma’s entry into this market with exclusive licenses for SPC-14 and SPC-15 positions them to potentially meet a significant unmet medical need and capture a share of this growing market.
Silo Pharma (NASDAQ: SILO) Stock Price Action
The SILO stock soared 123.36% on Tuesday, closing at $2.39, marking a 177.20% increase for the week. The trading volume was 176,379,152 shares, significantly higher than the average daily volume of 3.10 million.
