Morphine-6-glucuronide

SciSparc would be entitled to receive consideration valued at $3 million in Polyrizon securities, as well as potential milestone fees of approximately $3 million in cash TEL AVIV, Israel, Aug. 28, 2024 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, announced that it has finalized an Exclusive Patent License Agreement (“the License Agreement”) with Polyrizon Ltd. (“Polyrizon”), for the out-licensing of its SCI-160 program (the “Assets”) 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. Mr. Oz Adler, SciSparc’s Chief Executive Officer and Chief Financial Officer, is a member of the board of directors of Polyrizon. About SciSparc Ltd. (Nasdaq: SPRC): SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds’ oil-based products on the Amazon.com Marketplace. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses the potential of receiving royalties and development milestone fees. The Company may not receive any royalties or milestone fees as a result of the License Agreement. Since such statements deal with future events and are based on SciSparc’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in SciSparc's Annual Report on Form 20-F filed with the SEC on April 1, 2024, and in subsequent filings with the U.S. Securities and Exchange Commission. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise. Investor Contact: IR@scisparc.com Tel: +972-3-6167055

“The license agreement may allow us to enjoy royalties and milestones payments from the SCI-160 program, without investing additional funds in the development,” said SciSparc's CEO. Israeli biotech SciSparc has sold the license for its cannabinoid receptor type 2 (CB2R) agonist to its partner Polyrizon to further develop as a pain therapy.The agreement will see Polyrizon secure the exclusive, royalty-bearing global license to SCI-160, a synthetic combination of cannabinoids and N-acylethanolamines that is in preclinical development. In return, SciSparc would be entitled to $3 million in Polyrizon shares, as well as potentially another $3 million in cash milestone payments on top of royalties.SciSparc said several combinations of cannabinoids and N-acylethanolamines that it had tested in preclinical studies had demonstrated “mediating analgesic effects in the peripheral nervous system without causing significant side effects in both acute and chronic pain.”Specifically, SCI-160 had been shown in some of these studies to offer “comparable analgesic effect to high-dose morphine and, in some instances, exerted even greater potency” without causing any significant adverse effects, SciSparc said in a post-market release Aug. 16. “We are pleased to finalize the license agreement for the out-licensing of the SCI-160 program for treating pain,” said SciSparc’s CEO and Chief Financial Officer Oz Adler in the release.“The license agreement may allow us to enjoy royalties and milestones payments from the SCI-160 program, without investing additional funds in the development,” added Adler, who is also a member of Polyrizon’s board of directors.Polyrizon is focused on the development of innovative medical device hydrogels delivered in the form of nasal sprays. The companies joined forces in May 2022 to explore how to combine the SCI-160 platform and Polyrizon’s Trap and Target intranasal drug delivery technology to target the central nervous system.In 2021, SciSparc presented top-line preclinical data on SCI-160 that linked the candidate to the alleviation of pain up to six hours after injection in animals. SciSparc reported positive results on daily doses after surgery, leading it to pitch SCI-160 as a treatment for acute and chronic pain and begin a push toward a first-in-human clinical trial.