SciSparc (OTCQB: TRPXY) has begun commercial production of its proprietary Palmitoylethanolamide (PEA) oral tablet formulation, CannAmide™. Recommended for use as an anti-inflammatory to help relieve chronic pain, the tablets will be marketed to pharmacies and other retail outlets across Canada.
Formerly known as Therapix Biosciences, SciSparc is a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments.
Chronic pain has significant impacts on physical and mental health, family and community life, society, and the economy. In a recent article published in 2019 discussing the cost of pain, a definitive chronic pain study published by the National Academy of Sciences’ already in 2010 estimated that more than 100 million American individuals experienced chronic unrelieved pain, at an associated cost of approximately $600 billion annually, reflecting direct health care expenses, lower productivity and missed wages, among other issues. In Canada, those costs were approximately $40 billion in 2019.
Adi Zuloff-Shani, PhD. the Company’s Chief Technology Officer, commented, “The onset of commercial production is a big step on the path to commercializing our first pharmaceutical drug product. CannAmide represents a significant opportunity in the chronic pain sector, where opioids remain the mainstay treatment. Despite the increase in related addiction, overdose and death, opioids continue to generate nearly $20 billion in revenue annually. Our formulation relies on naturally occurring PEA, and therefore has no known serious side effects or drug interactions, making it what we believe to be a safe treatment option.”
Zuloff-Shani continued, “Our ability to bring pharmaceuticals to market is a direct result of the extensive time and resources we have invested in our intellectual property. I am confident that that this is the first of further product launches, and that with the support of our board of directors and management team, we can fully leverage the medical and financial potential of our growing technology and product pipeline.”
PEA is a naturally occurring fatty acid found throughout the body – including the nervous system – and synthesized on demand following stress, injury or pain to stimulate the endocannabinoid system with a broad spectrum of pharmacological properties. PEA isolated from other sources like soybean lecithin, egg yolks and peanuts is used to supplement naturally derived PEA. However, isolated PEA does not dissolve easily in the stomach or intestine, giving it limited bioavailability. Most currently available formulations simply encapsulate the particles, which does not materially improve the bioavailability.
SciSparc’s CannAmide is an immediate unique and proprietary oral formulation, produced in a GMP facility approved for marketing only in Canada. Each tablet contains 400 mg of PEA as its active pharmaceutical ingredient (API). This formulation was developed to increase the bio-availability and potentially the absorption of this otherwise low soluble compound.
The Company’s Chief Executive Officer, Amitai Weiss, concluded, “This is an exciting time for SciSparc. I am especially enthusiastic regarding opportunities within the medical cannabis sector following the recent announcement of the $7.2 billion acquisition of GW Pharmaceuticals (GWPH), by Jazz Pharmaceuticals as well as the possibility that cannabis will be legalized by the U.S. federal government under the Biden administration. We have a number of products that are in a preparation state for clinical trials and I believe we are well positioned for success going forward.”
Source | PR Newswire