SciSparc'
Board of Directors Provides Strategic Decision
TEL AVIV, Israel,
June 09, 2022 -- InvestorsHub NewsWire -- SciSparc Ltd.
(Nasdaq: SPRC), a specialty clinical-stage
pharmaceutical company focusing on the development of therapies to
treat disorders of the central nervous system (the "Company" or
"SciSparc"), today announced that the Company's board of directors
resolved to initiate a process to review potential strategic
transactions with the goal of maximizing shareholder
value.
Potential strategic
transactions to be explored and evaluated during the review process
may include additional investments in innovative companies,
acquisitions, a strategic partnership with one or more parties, or
the licensing of one or more of the Company's proprietary
technologies or indications. If any such transaction results in
equity consideration, the Company may consider making dividend in
kind distributions, subject to applicable law and regulations, to
its shareholders.
Pending any
decision to undertake any such strategic transaction, the Company
will continue its development activities in accordance with its
existing business strategy.
"Our cash position
provides us the opportunity to carefully consider a range of
potential strategic alternatives designed to maximize shareholder
value," said Oz Adler, SciSparc's Chief Executive Officer. "As we
assess potential external strategic alternatives, we continue to
seek to create value through the development of unique
clinical-stage treatments for the central nervous system, including
Alzheimer's disease, Tourette syndrome and more. We plan to
continue our trials according to the FDA guidelines and explore our
new path with psychedelic pharmaceutical
treatments."
About
SciSparc (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 (CBD): 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 spectrum disorder and status
epilepticus.
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 its review process for
potential strategic plans, potential dividend distributions
and
value creation for
shareholders.
The Company may not enter into any
strategic transactions or pay any dividends, or even if it does,
they may not maximize shareholder value. Further, historic results of scientific
research and clinical and preclinical trials do not guarantee that
the conclusions of future research or trials will suggest identical
or even similar conclusions. Because 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
U.S. Securities and Exchange Commission (the "SEC")
on April 28, 2022, and in subsequent filings with
the SEC. 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