SciSparc finalizes exclusive patent license agreement with Polyrizon

SciSparc has finalized an Exclusive Patent License Agreement with Polyrizon, for the out-licensing of its SCI-160 program for the treatment of pain. As announced on August 15, 2024, Polyrizon will receive exclusive, royalty-bearing global license to develop and sublicense the Assets. In exchange, SciSparc would be entitled to receive consideration valued at $3 million in Polyrizon securities, as well as potentially milestone fees of approximately $3 million in cash, if certain development milestones will be met, as well as royalties. SCI-160 is an innovative, proprietary synthetic combination of cannabinoids and N- acylethanolamines in the field of pain treatment. Based on numerous pre-clinical studies conducted by the Company, several proprietary combinations have been found to be involved in mediating analgesic effects in the peripheral nervous system without causing significant side effects in both acute and chronic pain. Moreover, in certain studies, SCI-160 was found to be well tolerated, did not cause any significant adverse clinical effects, and had a comparable analgesic effect to high-dose morphine and, in some instances, exerted even greater potency. While prescription opioids are effective treatments for moderate-to-severe pain, abuse of such opioids is a significant public health issue according to the Centers for Disease Control and Prevention.