Silo Pharma (NASDAQ: SILO), a developmental-stage biopharmaceutical company focused on developing novel formulations and drug-delivery systems for traditional therapeutics and psychedelic treatments, has closed on a previously announced registered direct offering. According to the announcement, the offering was comprised of 917,432 shares of common stock (or common stock equivalents in lieu thereof) offered at a purchase price of $2.18 per share. The company also announced a concurrent private placement that included the issue of unregistered warrants to purchase up to 917,432 shares of common stock. These warrants were offered at an exercise price of $2.06 per share and were immediately exercisable, with an expiration date of five years. The offering is projected to total an estimated $2 million before standard feeds and expenses are deducted. Silo Pharma anticipates using the funds for working capital and general corporate costs. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
In addition, the company announced a successful series of development activities for its SP-26 ketamine implant therapeutic targeting fibromyalgia and chronic pain. According to the announcement, an ongoing pre-clinical research study of SP-26 is underway involving analytical testing services and small batch proof-of-concept extrusion trials for the ketamine hydrochloride (ketamine HCL) implants at 20% and 40% drug load. Silo affirmed previous reports that initial testing validated the delivery system based on measures of structural stability and integrity at both load levels. Additionally, the company noted that assay testing during a series of manufacturing studies revealed positive data for inherent viscosity (“IV”), blend uniformity (“BU”), and dissolution of the implants. “The results so far in our ongoing SP-26 pre-clinical research bring us closer to determining the optimal formulation for future pre-clinical testing models. We are pleased with the structural stability, integrity, and functionality observed to date for our innovative non-opioid chronic pain therapeutic,” commented Eric Weisblum, Silo CEO.
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About Silo Pharma Inc.
Silo Pharma is a developmental-stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions and central nervous system (“CNS”) diseases. Silo focuses on developing traditional therapies and psychedelic treatments in novel formulations and drug-delivery systems. The company’s lead program, SPC-15, is an intranasal treatment targeting post-traumatic stress disorder (“PTSD”) and stress-induced anxiety disorders. SP-26 is a time-release, ketamine-loaded implant for fibromyalgia and chronic pain relief. Silo’s two pre-clinical programs are SPC-14, an intranasal compound for the treatment of Alzheimer’s disease, and SPU-16, a CNS-homing peptide targeting multiple sclerosis (“MS”). Silo’s research and development programs are conducted through collaborations with Columbia University and the University of Maryland, Baltimore. For more information about the company, visit http://www.silopharma.com/.
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