ENGLEWOOD CLIFFS, NJ, June 21, 2023 (GLOBE NEWSWIRE) -- Silo Pharma, Inc. (Nasdaq: SILO) (“the Company”), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced that the U.S. Patent and Trademark Office (USPTO) has issued U.S. Patent 16/825,371 titled “Peptide-Targeted Liposomal Delivery for Treatment, Diagnosis, and Imaging of Diseases and Disorders.” The new patent claims cover the Company’s portfolio drug SPU-21, a peptide-guided anti-arthritis drug, as a method of selectively targeting inflamed synovial tissue. SPU-21 has been shown to inhibit arthritic progression in a preclinical animal model.
Eric Weisblum, Chief Executive Officer of Silo Pharma, stated, “Our SPU-21 liposomal homing peptides, licensed from the University of Maryland, Baltimore, are able to identify markers of arthritic inflammation in joints and have potential for the development of fusion imaging molecules and/or nanoparticles to study arthritic pathogenesis. The expanded claims in this new patent grant reinforce protection for our ongoing development of SPU-21 guided delivery of targeted psilocybin as a therapeutic agent for rheumatoid arthritis (RA), our initial indication.”
An estimated 1.3 million U.S. adults suffer from RA, the most common autoimmune disease in U.S. The U.S. market for RA drugs is expected to generate $63 billion by 2027.1
About Silo Pharma
Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s disease, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry. For more information visit www.silopharma.com
All statements other than statements of historical fact in this announcement are forward-looking statements that involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company under takes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's filings with the SEC.
1 Allied Market Research, October 2020