TEL AVIV, Israel, Oct. 31, 2023 — 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.
