Silo Pharma, Inc. (NASDAQ: SILO) operates as a development-stage biopharmaceutical company, which is focused on combining traditional therapies with psychedelics to help treat neurological disorders like PTSD, Alzheimer’s disease and more. Shares of the biopharma company are surging 56% through early trading on Friday, December 30, 2022. Over the past three months, Silo Pharma has seen average daily volume of 74,450 shares. However, volume of 18.36 million shares or dollar volume of around $98.23 million, has already exchanged hands through early trading.
Shares of Silo Pharma are soaring after the company released positive results from its dose optimization study of SPU-21, a liposomal joint homing peptides treatment for arthritis. During the recent animal study, Silo Pharma tested the disease-suppressive abilities of SPU-21’s peptide-guided anti-arthritis properties against dexamethasone (DEX), a corticosteroid used for anti-inflammation.
Results demonstrated SPU-21’s injection drug delivery was effective for its anti-arthritic treatment. The results are in-line with earlier finding of the same study, which showed injection to be a preferred drug delivery method for the candidate. Silo Pharma is working on developing SPU-21 in collaboration with the University of Maryland, Baltimore.
“We believe that the positive results of these latest tests show that our peptide with DEX given subcutaneously was effective in controlling arthritis progression. The effect of lipo-DEX was superior to that of DEX alone when both were administered via the SC route,” said Eric Weisblum, Chief Executive Officer of Silo Pharma. “Since patients widely prefer SC administration over intravenous (IV) infusion for multiple reasons, we believe the superiority and practicality of our liposomal joint homing peptide bode well for broad market potential. Meanwhile, we continue to explore other novel therapeutics for optimal pairing with SPU-21, targeting rheumatoid arthritis as our initial indication.”
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