Silo Pharma Inc (NASDAQ: SILO) is setting the stage for strong growth in the market this morning after announcing that it has entered into a joint venture agreement surrounding the development of ketamine. Here’s what’s happening:
Silo Pharma Enters Joint Venture
In the press release, Silo Pharma said it teamed up with Zylo Therapeutics to create a Joint Venture. The Venture will use Zylo’s innovative sustained release topical delivery system that was originally developed at Albert Einstein College of Medicine as well as Silo Pharma’s expertise in the use of psychedelics as therapeutic options.
At first, the Venture will explore the clinical development of Ketamine using Zylo’s Z-pod technology. Importantly, the Venture will provide Silo Pharma with the opportunity to obtain an exclusive option for the clinical development of psilocybin using Zylo’s Z-pod technology.
In a statement, Eric Weisblum, CEO at Silo Pharma, had the following to offer:
This Joint Venture is part of Silo Pharma’s vision of bringing ground breaking therapeutics to patients in need. The ability to deliver Ketamine or Psilocybin in a time released manner will allow us to explore both the safety and efficacy of our therapeutics while hopefully diminishing the hallucinogenic effects of psychedelics. We believe that Zylo’s patented technology will allow us to reach potential patients that suffer with dysphagia, such as both Alzheimer’s and Parkinson’s patients.
The above statement was followed up by Jay Blankenship, MD, Vice President of Business Development for Zylo. Here’s what he had to say:
We are extremely excited to be entering into this partnership with Silo Pharma, a company with broad-ranging expertise in psychedelics. Ketamine is an incredibly versatile drug that continues to show promise with new therapeutic indications. We look forward to leveraging our proprietary topical delivery technology to develop a low-dose, sustained-release ketamine formulation that is both safe and convenient for patients.
This Is Huge News
Silo is ultimately embarking on a journey that will likely lead to therapeutic options for patients that have few effective options to look forward to. However, to do so, it needs access to the best forms of delivery possible.
That’s what this Joint Venture provides.
Not only will the two companies work to develop ketamine, the company will have the right to become the only company able to use Zylo’s technology as a delivery system of psilocybin, which is a massive opportunity.
The Bottom Line
The bottom line here is that Silo Pharma continues to fire on all cylinders. The company’s work in psychedelic medicines has been impressive from the beginning, and now with this partnership, it is only expanding its value. Ultimately, if you’re not watching the stock yet, you’re missing out.
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Disclosure: This article is not intended to be financial advise. This article was published as the result of a monetary relationship between CNA Finance and Silo Pharma. Trading in penny stocks can lead to significant losses.