The new facility will serve the JV’s development of potential cancer drugs
TEL AVIV, Israel, July 07, 2022 (GLOBE NEWSWIRE) — SciSparc Ltd. (Nasdaq: SPRC) (the “Company” or “SciSparc”), a specialty, clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, today announced that its recently established joint venture (“JV”), MitoCareX Bio, launched its new dedicated, advanced facility for the discovery and development of anti-cancer drug candidates. The new state-of-the-art laboratory and research facility is based in Ness-Ziona Science Park in Israel.
According to the World Health Organization, cancer continues to be a major public health concern and is the leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Despite the prevalence of cancer and recent advances in the medical field, safe and effective treatment options with minimal side effects remain elusive and the race to combat the global cancer crisis remains in full swing.
MitoCareX Bio focuses on investigating mitochondrial carriers that are crucial for cell viability. Because of mitochondrial carriers’ significant role in transporting necessary metabolites for cell functioning across the inner mitochondrial membranes, the Company believes that various life-threatening conditions, such as cancers and infectious diseases, might be treated by regulating the function of mitochondrial carriers. In humans, the mitochondrial carrier family (Solute Carrier Family 25, SLC25) consists of 53 members and is the largest solute transporter family.
MitoCareX Bio is currently developing its computationally based drug discovery capabilities to enable its planned virtual screening activities. MitoCareX Bio’s innovative research is partly built upon successful proof-of-concept experiments previously performed in the U.K.
About SciSparc Ltd. (NASDAQ: SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette syndrome, for the treatment of Alzheimer’s disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus. Learn more at https://scisparc.com/, the content of which is not a part of this press release.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses the focus of its JV on discovery, research and development of potential drugs for infectious diseases, cancers and other life-threatening conditions and the potential benefits of the newly established facility. Historical results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. Because such statements deal with future events and are based on SciSparc’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in SciSparc’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 28, 2022, and in subsequent filings with SEC. Except as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.