- Silo Pharma, Inc recently uplisted to the Nasdaq Capital Market, raising gross proceeds of $5 million
- The biopharmaceutical company has sought to merge traditional therapeutics and psychedelic research, entering into a series of joint ventures with leading medical universities to carry out research into the field
- Meanwhile, psychedelics are gaining increasing favour within the United States with Oregon set to begin allowing the supervised usage of psilocybin from 2023 onwards
Silo Pharma (NASDAQ: SILO), a developmental stage biopharmaceutical company focused around merging traditional therapeutics with psychedelic research, recently announced that it had successfully priced its fully underwritten initial public offering, raising gross proceeds of $5 million dollars through the sale of one million shares of its common stock. Furthermore, the company revealed that it had granted a 45-day option to its underwriter to purchase up to an additional 150,000 shares of common stock to cover over-allotments, if any. Following the offering and as of September 27, 2022, the company’s common stock listed on the Nasdaq Capital Market and commenced trading under the ticker symbol “SILO” (https://ibn.fm/mmEsK).
Originally founded in 2010, Silo Pharma has distinguished itself amongst peers for its ground-breaking research into conditions such as post-traumatic stress disorder (“PTSD”), fibromyalgia, Alzheimer’s disease, Parkinson’s disease, and other rare neurological disorders. Increasingly and over the past two decades, clinical research on psychedelics, most notably psilocybin and methylenedioxymethamphetamine (“MDMA”), has steadily progressed from pilot studies confirming safety and feasibility, through to early phase trials providing preliminary evidence of clinical efficacy.
Silo Pharma has been an early pioneer of these research studies through its commitment to develop innovative solutions to address a variety of underserved conditions, many of which are being carried out in partnership with leading medical universities across the globe. In one such instance, Silo Pharma has looked to engage in a sponsored study with the Netherland’s Maastricht University, examining the effect on repeated low doses of ketamine and psilocybin on cognitive and emotional dysfunctions resulting from Parkinson’s disease. Separately, the company has also entered into agreements with the University of California San Francisco (“UCSF”) to determine the effects of psilocybin on inflammation; with the University of Maryland, Baltimore to explore a novel invention known as joint-homing peptides; as well as simultaneously signing an agreement with Columbia University, granting it an option to license a number of assets under development including a prophylactic treatment for stress-induced disorders and PTSD.
Although the use of psychedelics has been prolific amongst indigenous populations around the world for hundreds of years, recent medical studies have increasingly shown that psilocybin – a naturally occurring psychedelic prodrug produced within various species of fungi, along with other psychedelics, could have beneficial effects for a variety of mental health related conditions. This movement was further reinforced in 2018, when the U.S. Food and Drug Administration labelled psilocybin a “breakthrough therapy” in treatment for severe depression, a designation the agency applies to drugs that in early trials demonstrate substantial improvement over existing treatments (https://ibn.fm/bX5PY).
In 2020, Oregon voters approved a ballot measure which paved the way for the state to put in place a legislative framework which, starting in 2023, will enable patients to take psilocybin under supervision (https://ibn.fm/FurGl). Following on from Oregon’s pioneering actions, Texas, Utah, and Washington State have all set up task forces or funded research into the medical use of psilocybin. Meanwhile, Maryland has created a $1 million fund to study alternative treatments, including psychedelics, for PTSD or traumatic brain injury, and to pay for such treatments for veterans.
With psilocybin and psychedelic-based therapeutic treatment increasingly gaining favour amongst the medical community and with a rising prevalence of depression and mental disorders within modern society, forecasts have now projected the psychedelic drugs market to swell to a value of $6.8 billion annual by 2027, representing a CAGR of 16.3% within the forecast period of 2020 to 2027 (https://ibn.fm/qMaaq). Through their recent NASDAQ uplist and various research and drug developmental initiatives, Silo Pharma have sought to position themselves at the forefront of the psychedelic revolution currently affecting the medical field.
“After the exciting progress we have made over the last year, uplisting to the NASDAQ is the next strategic step for Silo Pharma. A NASDAQ listing should provide greater liquidity for our investors, attract institutional investors, increase the visibility of the company and raise our overall profile,” said Eric Weisblum, CEO of Silo Pharma.
For more information, visit the company’s website at www.SiloPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to SILO are available in the company’s newsroom at https://ibn.fm/SILO
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