SciSparc announces results for MitoCareX Bio with drug discovery platform

SciSparc announced that MitoCareX Bio, its joint venture with Dr. Alon Silberman, that focuses on the discovery and development of drugs for cancer treatment, has achieved positive results with the development of its laboratory capabilities by establishing a variety of small-molecule screening platforms. With this development, MitoCareX Bio has achieved its second milestone pursuant to the Founders and Investment Agreement, signed on March 10, 2022. Pursuant to the Agreement, MitoCareX Bio completed the experimental testing and validating of its diverse in-vitro small molecule screening systems to enable rapid and reliable validations of its in-silico results. Following the experimental testing and validating of its results, MitoCareX Bio thereby achieved its second milestone by developing multiple lab screening platforms that screen for and, in turn, isolate potential anti-cancer drug molecules for pre-clinical studies. As per the Agreement, reaching the second milestone results triggers the condition that SciSparc invest an additional $600,000 into the joint venture within 30 days of the date the second milestone was achieved. Following this investment, the Company will hold 50.1% of the issued and outstanding share capital of MitoCare X Bio.