The Scisparc Ltd (NASDAQ: SPRC) stock price surged 64.41% after receiving a letter from the Nasdaq indicating that it had regained compliance with the Nasdaq’s listing rules after its stock price traded above the minimum requirement of $1.00 for over 10 business days.
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The specialist clinical-stage pharmaceutical company noted that the Nasdaq staff determined its compliance after the closing bid price of its ordinary shares was $1.00 per share or greater for the previous 10 consecutive business days. The news triggered an after-hours rally that extended into the premarket session.
The investor optimism towards the company can also be attributed to recent news releases from SciSparc, including the award of a European patent for its core technology. The European Patent Office granted the company its new patent under European Application No.16786064.2: Combinations of Cannabinoids and N-Acylethanolamines.
The patent award aligns with the company’s overall objective of increasing the safety of cannabinoid treatments while maintaining their therapeutic effects. The European patent grant follows similar grants for the same core ethnology in Japan, the United States and Australia.
SciSparc has taken a significant step by commencing a pivotal clinical trial for its promising drug candidate, SCI-210, at the Soroka University Medical Center.
The drug, SCI-210, is precisely engineered to address the symptoms associated with Autism Spectrum Disorder (ASD) and represents a unique proprietary blend of cannabidiol and SciSparc's Palmitoylethanolamide, which is the active component of its proprietary CannAmide.
The trial's primary objectives encompass evaluating the safety, tolerability, and efficacy of SCI-210. It will be assessed in comparison to CBD monotherapy in the treatment of ASD. Several stringent assessments have been established as primary efficacy endpoints for this trial.
The study is meticulously designed as a randomised, double-blind, placebo-controlled trial with an additional cross-over element. It is set to span 20 weeks and will involve the participation of 60 children aged between 5 and 18 years.
SciSparc's Chief Executive Officer, Oz Adler, said: “SciSparc's assets continue to expand, both intellectual property alongside revenue-generating assets. The Company continues to be a leader in this space with a robust IP portfolio worldwide. We continue to believe that cannabinoid-based medicines have enormous therapeutic potential, and therefore, we continue to strengthen the patent protection around the technologies we develop”.
Scisparc (SPRC) stock price
The SciSparc (SPRC) stock price was trading 104.63% at $5.75, from Monday’s closing price of $2.81.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.