SciSparc Granted Patent from the Australian Patent Office for its Reduction of Opioids Use in Pain Management Technology
October 31 2023 - 7:38AM
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 today its had been received notice of
acceptance for its patent application for Combination of Opioids
and N-Acylethanolamines for pain treatment (the “Patent”).
The Patent has been granted by IP Australia, the
government agency in Australia that administers intellectual
property rights and legislation for patents.
According to a report by Grand View Research
entitled “Opioid Market Size, Share & Trends Analysis Report By
Product (IR/ Short Acting Opioids, ER/Long-Acting Opioids), By
Application (Pain Relief, Anesthesia), By Route Of Administration,
By Distribution Channel, By Region, And Segment Forecasts, 2023 –
2030”, the global opioid market size was valued at $22.8 billion in
2022 and is anticipated to grow at a compound annual growth rate
(CAGR) of 1.4% from 2023 to 2030. The increasing rate of regulatory
approvals and the launch of new opioid medicines to treat patients
with chronic pain are the factors expected to drive market growth.
At the same time, opioid abuse and addiction has been a global
growing epidemic for more than a decade.
"The fact that SciSparc's number of granted patents continues to
grow is proof recognizing the innovation that characterizes the
technologies in the Company's pipeline. In this case, our unique
technology allows us to harness the ability to treat pain through
opioids while using significantly lower concentrations than those
used on the market today and allows us to continue to fulfill our
promise to offer both effective and safe treatments," said
SciSparc’s Chief Executive Officer, Oz Adler.
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 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 ASD 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 Amazon 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 that the therapeutic
potential of opioids and n-acylethanolamines, the factors that
drive market growth in chronic pain treatment, and that the Company
is able to offer effective and safe treatments. Historical 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 SEC on May 1, 2023, 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
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