GRNQ - Why Is SciSparc (SPRC) Stock Up 25% Today?
2024-07-16 10:43:11 ET
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SciSparc (NASDAQ: SPRC ) stock is up on Tuesday after the clinical-stage pharmaceutical company announced a new patent application covering its weight loss treatment.
SciSparc notes that this patent covers the company’s collaboration with Clearmind Medicine (NASDAQ: CMND ). This is a clinical-stage biotech company focused on psychedelic-derived therapeutics.
This patent covers the novel proprietary composition of Palmitoylethanolamide, the active ingredient in SciSparc’s proprietary CannAmide. It’s used alongside Clearmind Medicine’s MEAI compound to treat metabolic syndrome and obesity.
Here’s what SpcSparc had to say about the new patent:
“Overall, as part of this collaboration, twelve other patent applications have been filed by Clearmind with the USPTO for various compositions, including the proprietary composition of SciSparc’s PEA with Clearmind’s MEAI compound for the treatments of alcohol use disorder, cocaine addiction and obesity and its related metabolic disorders.”
What This Means for SPRC Stock
SciSparc could reach a large market with its obesity treatment. The Centers for Disease Control and Prevention ( CDC ) estimates that 41.9% of adults over the age of 20 are obese. This saw the market reach $15 billion in 2022.
SPRC stock is up 24.6% as of Tuesday morning. This comes with some 37 million shares traded. That’s well above its daily average trading volume of about 138,000 shares.
Investors will want to stick around for more of the most recent stock market stories today!
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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 .
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