Silo Pharma (NASDAQ:SILO) stock is rocketing higher on Tuesday after the developmental stage biopharmaceutical company secured a new global license.
This license covers the development, manufacturing, and commercialization of its Alzheimer’s drug SPC-14. It also intends to use the Food and Drug Administration’s (FDA) streamlined 505(b)(2) pathway for speedy clinical trials.
Silo Pharma CEO Eric Weisblum said the following about the new license deal.
“In our view, our exclusive license for SPC-14 gives us the potential to meet a large unmet medical need. If approved, we believe SPC-14 could bring hope and relief for many families and patients. Early pre-clinical studies have shown stress reduction and cognitive improvement.”
What This Means for SILO Stock
Development of a new Alzheimer’s drug is a big deal. The market for Alzheimer’s disease therapeutics is expected to be more than 30.8 billion by 2033. This new treatment could earn Silo Pharma a share of that market.
SILO stock is up 122.5% as of Tuesday morning. That comes with some 15 million shares traded. This is well above the company’s daily average trading volume of about 257,000 shares. Investors will note the stock was down 29.6% year-to-date when markets closed yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
