Initial indications are fibromyalgia and chronic pain
ENGLEWOOD CLIFFS, NJ, June 13, 2023 (GLOBE NEWSWIRE) — Silo Pharma, Inc. (Nasdaq: SILO) (“the Company”), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced its entry into a research and development agreement to study and develop a dosage and time-release ketamine implant for the treatment of fibromyalgia. The research project includes analytical testing services and small batch pre-clinical proof of concept extrusion trials to determine drug release and stability.
“Alongside our development of SP-26, our novel time-release topical formulation of ketamine, we are beginning to explore an additional option for treating fibromyalgia using ketamine-loaded implants,” said Eric Weisblum, Chief Executive Officer of Silo Pharma. “The outcome of this research will provide additional information and data for our ongoing studies of ketamine treatments for fibromyalgia and other chronic pain indications.”
Fibromyalgia is a chronic condition causing widespread musculoskeletal pain accompanied by memory issues, sleep problems, and fatigue. The disorder affects about four million American adults, or about 2% of the adult population, and its treatment market is projected to grow at a compound annual growth rate of over 9% in the 2020-2027 period.1
About Silo Pharma
Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s disease, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry. For more information visit www.silopharma.com
All statements other than statements of historical fact in this announcement are forward-looking statements that involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company under takes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.
1 Fortune Business Insights; Fibromyalgia Treatment Market Size, Share and Trends. September 2022.