E SciSparc Might Become The Next GW Pharmaceuticals

With the Jazz Pharmaceuticals buyout of GW Pharmaceuticals, biotech marijuana stocks are in the spotlight and one of particular interest is SciSparc Ltd. which is undertaking a study of a formulation of cannabinoid (CBD) and Palmitoylethanolamide (PEA) for treating symptoms of autism spectrum disorder and epilepsy and their preliminary research has demonstrated its efficacy as compared to the effect of CBD alone.

Might SciSparc become the next GW Pharmaceuticals?

About SciSparc

SciSparc Ltd., headquartered in Tel Aviv, Israel, is a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments.

SciSparc's First Product Now In Distribution

CannAmide, a pharmaceutical drug for use as an anti-inflammatory to help relieve chronic pain, is the first of SciSparc's products to be commercialized. The product:

  • consists of a proprietary palmitoylethanolamide (PEA) oral tablet formulation,
  • is produced in a GMP facility under a product license from Health Canada's Natural and Non-prescription Health Products Directorate,
  • is only available in Canada and
  • is currently being introduced to pharmacies in Canada and will be expanded into other retail outlets across Canada as soon as distribution agreements can be arranged.

Management Commentary

Adi Zuloff-Shani, PhD. the Company's Chief Technology Officer, is confident that:

  • CannAmide is the first of further product launches and that,
  • SciSprac can fully leverage the medical and financial potential of its growing technology and product pipeline.

Amitai Weiss, the company's Chief Executive Officer, is especially enthusiastic regarding opportunities within the medical cannabis sector, namely:

  • the recent announcement of the $7.2 billion acquisition of GW Pharmaceuticals (GWPH), by Jazz Pharmaceuticals, as well as
  • the possibility that cannabis will be legalized by the U.S. federal government under the Biden administration

And that SciSparc is well-positioned for success going forward given that it has a number of products that are in a preparation state for clinical trials.

SciSparc's Drug Development Programs

SciSparc is currently engaged in the following drug development programs based on tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD):

  • SCI-110 is an innovative and proprietary drug candidate platform based on Delta-9-Tetrahydrocannabinol (THC) and Palmitoylethanolamide (PEA), for the treatment of central nervous system diseases such as agitation in Alzheimer's, Tourette Syndrome, and Obstructive Sleep Apnea.
    • The company has already signed an agreement with The Israeli Medical Center for Alzheimer's to conduct a phase IIa clinical trial to evaluate the safety, tolerability, and efficacy of SCI-110 in patients with Alzheimer's;
  • SCI-160 is an innovative and proprietary CB2 receptor agonist intended for the treatment of pain;
  • SCI-210 is a formulation of cannabidiol (CBD) and PEA for treating symptoms of Autism Spectrum Disorder and epilepsy which has already demonstrated its efficacy as compared to the effect of CBD alone and its potential of reducing adverse effects associated with high dose CBD-rich treatments.

Details of SciSparc's $8.15M Financing

To help finance its intentions the company has just closed its sale of 1,152,628 Units (each unit consist of 1 American Depositary Share, 1 Series A Warrant, and ½ Series B Warrant) to certain institutional and accredited investors in a private placement at an offering price of $7.07 per Unit for aggregate gross proceeds of $8.15M.

  • The Series A Warrants and Series B  Warrants have exercise prices of $7.07 and $10.60, respectively, and:
    • are allowed to be exercised 6 months after issuance if the above strike prices have been reached by that date,
    • and expire 5-years from the date of issue if not exercised by that date.
  • The securities:
    • were sold in a private placement,
    • have not been registered under the Securities Act of 1933, as amended, and
    • may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
  • The Company has agreed to file a resale registration statement with the Securities and Exchange Commission, for purposes of registering the resale of the securities issued or issuable in connection with the offering.

SciSparc's Rebranding Efforts

Starting in February the company began rebranding itself by:

  • changing its name from Therapix Biosciences Ltd. to SciSparc Ltd.,
  • creating a new logo (see above),
  • beginning to trade under its new symbol, SPRCY,
  • obtaining a new CUSIP number,
  • and developing a new website. (Their current website, www.therapixbio.com, is still available to visit.)
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Disclosure: This article is part of a new “UnderCovered” series of exclusive articles featuring companies with limited coverage. Authors are compensated by TalkMarkets for their time ...

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Comments

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Alpha Stockman 2 weeks ago Member's comment

Good read, thanks.

William K. 3 weeks ago Member's comment

Quite a serious bit of coverage and analysis in this article. Thanks.

Bill Johnson 3 weeks ago Member's comment

Agreed. Nice to see.

Terrence Howard 3 weeks ago Member's comment

Sounds promising.

Joel Santiago 3 weeks ago Member's comment

When will CannAmide be available outside of Canada?

Adam Reynolds 3 weeks ago Member's comment

Why is there nothing on SciSparc's website? Unless there is something wrong with my internet, every page is blank except for the homepage, and that is practically blank.

https://scisparc.com

Kurt Benson 3 weeks ago Member's comment

Thanks for putting $SPRCY on my radar!