SARASOTA, FL - Silo Pharma, Inc. (NASDAQ:SILO), a biopharmaceutical company specializing in novel therapeutics, announced promising research results in the battle against depression. The recent study, conducted in collaboration with Columbia University, revealed a new drug formulation that could potentially improve mood stability and extend remission periods for patients with depression.
The study highlighted that the new formulation targets previously unexplored biochemical pathways related to mood regulation. According to Silo Pharma's CEO, Eric Weisblum, the results showed marked improvements in mood stability without the side effects typically associated with current antidepressants.
Weisblum expressed optimism about the potential impact of this development on the millions suffering from depression, while also noting that the company's primary focus remains on advancing its SPC-15 program for PTSD.
Silo Pharma has completed pre-clinical development of SPC-15 and is preparing to submit a pre-investigational New Drug Application (IND) to the FDA. The company has an option to license SPC-15 from Columbia University, with an exclusive license agreement expected to be finalized in the first half of 2024.
The company's portfolio includes other preclinical programs such as SP-26, a time-release ketamine-loaded implant for pain relief, SPC-14 for Alzheimer's disease, and SPU-16 targeting multiple sclerosis. Silo Pharma's research efforts are conducted through partnerships with academic institutions.
The information provided is based on a press release statement.
InvestingPro Insights
Amid the buzz around Silo Pharma's innovative research in depression treatment, investors are keeping a close eye on the company's financial health and market performance. InvestingPro data reveals a compelling narrative for Silo Pharma, Inc. (NASDAQ:SILO). With a market capitalization of 5.77 million USD, the company is a relatively small yet active player in the biopharmaceutical industry. Despite not being profitable over the last twelve months, Silo Pharma has demonstrated an impressive gross profit margin of 91.9% in the same period, hinting at the efficiency of their operations and the high value of their product offerings.
Moreover, the company has recently seen a strong return over the last three months, with a price total return of 30.13%. This performance is particularly notable in the context of the company's research advancements and may reflect investor confidence in their pipeline's potential. An InvestingPro Tip notes that Silo Pharma is a niche player in its industry, which could mean a focused approach and expertise in its targeted therapeutic areas. Additionally, management's aggressive share buyback strategy, as highlighted by another InvestingPro Tip, could be interpreted as a signal of confidence in the company's future.
Investors interested in a deeper dive into Silo Pharma's metrics, including the full list of 11 InvestingPro Tips, can explore further at https://www.investing.com/pro/SILO. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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