Silo Pharma Provides Details of Patent License Agreement for Psilocybin and Cancer Applications
January 11 2021 - 8:30AM
Silo Pharma, Inc. (OTCQB: SILO) a developmental stage
biopharmaceutical company focused on the use of psilocybin as a
therapeutic, last week announced a licensing agreement with
up-front payment valued at $1 Million. The license agreement
(the “Agreement”) with Aikido Pharma Inc., (Nasdaq:AIKI) a listed
biotechnology company, grants Akido an exclusive, royalty-bearing
license to certain intellectual property owned by Silo Pharma to
develop therapeutics for the treatment and complications of cancer.
In consideration for granting the license, Silo
Pharma received a one-time cash payment of $500,000 and shares of
newly designated Convertible Preferred Stock valued at $500,000 on
the date of execution of the license. Silo Pharma will also be
entitled to potential royalty payments on Net Sales (as defined in
the Agreement) in the event that the licensed property is
commercially developed.
“Our Agreement advances Silo Pharma’s unique
approach to researching and discovering therapeutics that can be
used in combination with psychedelic elements” stated Eric
Weisblum, Chairman and CEO of Silo Pharma Inc. “We are enthusiastic
about this agreement and opportunity. Researching the use of
psilocybin to treat both cancer and cancer side effects is a
noteworthy opportunity for Silo Pharma and its shareholders. We
look forward to updating investors on this agreement and further
developments.”
Further information regarding the Agreement can
be found in the Company’s Form 8-K filed with the SEC on January
11, 2021.
About Silo Pharma
Silo Pharma is a developmental stage
biopharmaceutical company focused on merging traditional
therapeutics with psychedelic research for people suffering from
indications such as depression, PTSD, Parkinson’s, and other rare
neurological disorders. Silo’s mission is to identify assets to
license and fund the research which we believe will be
transformative to the well-being of patients and the health care
industry. For more information, visit www.silopharma.com.
Safe Harbor and Forward-Looking
Statements
This news release contains "forward-looking
statements" within the meaning of the “safe-harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
statements are identified by the use of words “could”, “believe”,
“anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”,
“predict”, “potential” and similar expressions that are intended to
identify forward-looking statements. Such statements involve known
and unknown risks, uncertainties and other factors that could cause
the actual results of Silo Pharma, Inc. (“Silo” or “the Company”)
to differ materially from the results expressed or implied by such
statements, including changes to anticipated sources of revenues,
future economic and competitive conditions, difficulties in
developing the Company’s technology platforms, retaining and
expanding the Company’s customer base, fluctuations in consumer
spending on the Company’s products and other factors. Accordingly,
although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company disclaims any obligations to publicly update or release any
revisions to the forward-looking information contained in this
presentation, whether as a result of new information, future events
or otherwise, after the date of this presentation or to reflect the
occurrence of unanticipated events except as required by law.
Company Contact: |
Investor Relations Contact: |
Silo Pharma, Inc.Eric Weisblum, CEOEmail:
eric@silopharma.com |
Hayden IRBrett Maas646-536-7331Email: brett@haydenir.com |
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