TEL AVIV - SciSparc Ltd. (NASDAQ:SPRC), a clinical-stage pharmaceutical company specializing in central nervous system therapies, has filed an additional patent application with the United States Patent and Trademark Office (USPTO) in collaboration with Clearmind Medicine Inc. (NASDAQ:CMND), (FSE:CWY0). The application covers a novel composition of Palmitoylethanolamide (PEA) and MEAI compound for the potential treatment of metabolic syndrome and obesity.
The patent application is a result of the ongoing partnership between SciSparc and Clearmind, along with Professor Joseph Tam of the Hebrew University's technology transfer company, Yissum. The composition combines SciSparc's proprietary CannAmide with Clearmind's innovative MEAI compound (5-methoxy-2-aminoindane).
Obesity, a significant health issue in the United States, affected 41.9% of adults aged 20 and over from 2017-2020, according to the Centers for Disease Control and Prevention. The global obesity treatment market, valued at $15 billion in 2022, is projected to grow at a compound annual growth rate of 10.0% during the forecast period, driven by the rising prevalence of obesity and advancements in weight loss technologies.
This collaboration has previously led to twelve other patent applications filed by Clearmind for various compositions, including treatments for alcohol use disorder, cocaine addiction, and obesity-related metabolic disorders.
SciSparc is currently involved in several drug development programs based on THC and non-psychoactive CBD, including treatments for Tourette Syndrome, Alzheimer's disease, pain, ASD, and status epilepticus. Additionally, the company has a controlling interest in a subsidiary that sells hemp seed oil-based products on Amazon.com (NASDAQ:AMZN).
In other recent news, Clearmind Medicine Inc. has made significant strides in the biotech sector. The company secured exclusive global rights to develop and commercialize innovative compounds for treating post-traumatic stress disorder (PTSD) and other mental health conditions. This agreement was made with Yissum Research Development Company of the Hebrew University of Jerusalem.
Clearmind is also advancing its proprietary MEAI-based alcohol substitute beverage program, aligning with the growing trend towards no- and low-alcohol consumption. Patents for this alcohol substitute have been secured in the United States, India, and Europe. Furthermore, Clearmind has submitted a patent application to the United States Patent and Trademark Office for the use of a compound in the prevention and treatment of eating disorders.
InvestingPro Insights
As Clearmind Medicine Inc. (NASDAQ:CMND) advances its collaborative efforts with SciSparc Ltd., investors and industry observers are keenly watching the company's financial health and stock performance metrics. According to recent data from InvestingPro, Clearmind's market capitalization stands at a modest $7.35 million USD, reflecting the company's status as a clinical-stage pharmaceutical entity with a focus on innovation rather than current profitability.
Despite not being profitable over the last twelve months, with an adjusted P/E Ratio of -1.07, Clearmind has experienced significant price volatility. The company's stock has seen a substantial return of 40.51% over the last week and an impressive 100% over the past month. These sharp movements suggest that investor sentiment may be swayed by recent developments, such as the new patent application with SciSparc.
An InvestingPro Tip that stands out for Clearmind is the company's ability to hold more cash than debt on its balance sheet, which is a positive sign for potential investors looking for a company with a solid financial standing to withstand market fluctuations. Additionally, the Relative Strength Index (RSI) suggests that the stock is currently in overbought territory, indicating that it may be due for a pullback after the recent rapid price increases.
Investors interested in deeper analysis and additional InvestingPro Tips can explore further insights, including the company's liquid assets and short-term obligations balance, by visiting https://www.investing.com/pro/CMND. There are 14 additional tips available on InvestingPro, which can be accessed with a subscription. Readers of this article can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering a more comprehensive understanding of Clearmind's financial position and market potential.
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