BUZZ-SciSparc jumps on deal to spin off cancer drug unit

Reuters09-30

** Shares of Israel-based drug developer SciSparc SPRC.O soar 50% to $6.67 premarket

** SciSparc said on Monday, N2OFF shareholders approved a deal to acquire MitoCareX Bio, a cancer drug developer majority-owned by SciSparc

** Under the deal, N2OFF will buy 6,622 shares of MitoCareX from SciSparc for $700,000

** MitoCareX develops drugs for hard-to-treat cancers like pancreatic and lung cancer by using computer models and lab tests to find molecules that target cancer-related mitochondrial proteins

** Deal expected to close in early October

** As of last close, stock down 41% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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