Silo Pharma shares rose on Tuesday after the development stage biopharmaceutical company announced it has advanced the formulation development of its therapeutic candidate SPC-15, achieving a liquid nasal formulation.
This formulation of SPC-15, a targeted prophylactic treatment using ketamine compositions, is being investigated as a method of treatment and prevention of anxiety, post-traumatic stress disorder (PTSD) and other stress disorders.
It was developed as part of a feasibility study under Silo Pharma’s sponsored research agreement and option with Columbia University.
The company noted that linearity, accuracy, and repeatability were also achieved in the study.
“The progress of our feasibility study investigating dose strengths of SPC-15 is a significant advancement in our development work with this pipeline candidate,” Silo Pharma CEO Eric Weisblum said in a statement.
He noted that the results of the feasibility study would determine the company’s selection of manufacturing processes and that Silo Pharma was in discussions with potential delivery partners.
“We may also use the feasibility data for upcoming studies related to our SPC-14 therapeutic targeting Alzheimer’s disease,” he said.
After gaining as much as 25% mid-morning on Tuesday, Silo Pharma stock was up 9.4% at US$2.41 at noon.
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