Stock value of SciSparc, a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system, surged on Tuesday after the company announced that it had received formal acceptance from the IP Australia patent office for its patent application related to the Combination of Opioids and N-Acylethanolamines for pain treatment.
At the time of this publication, Scisparc Ltd stock (SPRC) has witnessed a surge.
Current Price: $5.82
Change : +2.41
Change (%): (70.67%)
Source: Tomorrow Events Market Data
IP Australia, the authoritative government agency responsible for overseeing intellectual property rights and patent legislation in Australia, granted the patent of SciSparc for this groundbreaking pain treatment technology.
SciSparc’s CEO, Oz Adler, expressed his enthusiasm for the growing number of patents secured by the company, emphasizing their significance in recognizing the innovative technologies within the company’s pipeline.
“The fact that SciSparc’s number of granted patents continues to grow is proof recognizing the innovation that characterizes the technologies in the Company’s pipeline,” said Adler. “In this case, our unique technology allows us to harness the ability to treat pain through opioids while using significantly lower concentrations than those used on the market today and allows us to continue to fulfill our promise to offer both effective and safe treatments.”
Following this announcement, SPRC shares experienced a notable uptick in trading volume. According to data provided by Tomorrow Events, over 19 million shares changed hands in the session, a stark contrast to the stock’s 100-day average of just over 830 thousand shares.
Moreover, data from Benzinga Pro highlights that SciSparc’s stock has a relatively limited float of only 523,288 shares. Notably, an impressive 74.24% of available SPRC shares are currently being sold short, underscoring the heightened interest and anticipation surrounding the company’s innovative pain treatment technology.
Investors and industry experts alike are closely monitoring SciSparc Ltd. as it continues to make significant strides in revolutionizing pain treatment through its patented Combination of Opioids and N-Acylethanolamines. With the approval from the Australian patent office, SciSparc is poised to make a substantial impact on the pharmaceutical landscape, potentially offering a safer and more effective alternative for pain management.