Silo Pharma Inc. Receives $1 Million in Up Front Licensing Deal
Silo Pharma, Inc. recently announced it has entered into an agreement to license technology covered by provisional patent applications filed by Silo Pharma with the United States Patent and Trademark Office in use for patients suffering with cancer. Silo Pharma’s patent applications relates to using a novel peptide with Psilocybin as a therapeutic.
Eric Weisblum, CEO of Silo Pharma, Inc, said “We are excited about this opportunity as we continue to execute our plan to bring novel therapeutics to patients inflicted with neurological disorders and rare diseases, which we hope will bring about breakthroughs that can lead to improved care. This agreement is structured to provide $500,000 in an upfront cash payment as well as equity currently valued at $500,000 from a NASDAQ-listed company. The agreement also provides for Silo to collect royalties should the technology be commercialized.”
Silo Pharma. Inc. is a developmental-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, PTSD, Parkinson’s, 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 health care industry. For more information, visit www.silopharma.com
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