Silo Pharma Shares Jump 11% on Ketamine-Treatment Partnership

Dow Jones08-15

By Victor Swezey

Silo Pharma expanded its partnership with Sever Pharma Solutions to develop a novel ketamine therapy, sending shares climbing.

The stock was up 11%, to $1.38, in Wednesday afternoon trading.

Sarasota, Fla.-based Silo said the new agreement would scale up extrusion of the company's SP-26 ketamine-loaded implant therapeutic, which targets fibromyalgia and chronic pain.

The company said it would also continue to test ketamine hydrochloride polymer implants using a previously selected time-released, dose-controlled formulation.

Silo Chief Executive Eric Weisblum said the testing process is expected to bring the company closer to selecting the optimal final dosage and formulation of the treatment to be used in animal studies.

The company, which focuses on therapeutics involving psychedelics, said SP-26 could qualify for the Food and Drug Administration's streamlined 505(b)(2) regulatory pathway for approval if the drug is clinically successful.

Write to Victor Swezey at victor.swezey@wsj.com

(END) Dow Jones Newswires

August 14, 2024 14:56 ET (18:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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