TEL AVIV - SciSparc Ltd. (NASDAQ:SPRC), a pharmaceutical company specializing in central nervous system disorders and rare diseases, has received a Canadian patent for a novel combination of opioids and n-acylethanolamines intended for pain management. The Canadian Intellectual Property Office granted the patent, signaling a potential advancement in the approach to treating chronic pain amid the global opioid crisis.
The global opioid market, worth $22.8 billion in 2022, is expected to grow at a 1.4% compound annual growth rate through 2030, largely due to new regulatory approvals and opioid medicine launches. However, opioid addiction remains a significant public health challenge. SciSparc's patented technology aims to enhance the therapeutic effects of opioids while reducing their addictive potential by using them in lower doses.
SciSparc’s CEO, Oz Adler, expressed optimism about the patent approval, stating that the technology could lead to safer and more effective pain management solutions. The company's focus is on cannabinoid-based pharmaceuticals, with ongoing drug development programs for various conditions, including Tourette Syndrome, Alzheimer's disease, pain, and ASD.
The company's statement also included forward-looking projections about the potential impact of its technology on the opioid market and pain management practices. However, it is important to note that these statements are based on current expectations and are subject to risks and uncertainties. Historical scientific research and trials do not guarantee future results, and actual outcomes may differ materially from those projected.
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