Shares of Silo Pharma (OTCMKTS:SILO) continued to trend lower on Thursday, extending its weekly loss to 17%.
Market Reaction
On Thursday, SILO stock went down 8.33% to $0.1650 with 93K shares, compared to its average volume of 117k shares. The stock has moved within a range of $0.1626 – 0.1895 after opening trade at $0.1895.
Silo Pharma Announces Grant of U.S. Patent For its Novel CNS Homing Peptide
Development-Stage biopharmaceutical company focusing on using psychedelics as therapeutic, Silo Pharma (OTCMKTS:SILO) announced the issuance of a patent about University Maryland Baltimore licensed homing peptide.
The unique peptide can be utilized for enhancing therapeutic agents impact on the central nervous system. The company’s licensed homing peptide has the potential to ameliorate the pharmacological treatment of disease, reduce effective dosages leading to lower toxicity and side effects.
It will provide peptides localizing in central nervous system tissue characterized by neuroinflammation as well as ways to utilize the same. Eric Weisblum, Silo Pharma’s Chief Executive Officer said that the company is pleased on getting the important patent issuance on the expansion of its IP portfolio.
The CEO added that the firm is looking forward on furthering studies to introduce improved and effective targeted therapeutic agents for treating millions of patients suffering from central nervous system disorders.
Silo Pharma’s therapeutics helps people suffering from indications like depression, PTSD, Parkinson’s as well as other rare neurological disorders. The late-stage biopharmaceutical company’s mission is to identify assets for licensing and funding research that it believes to be transformative in the well-being of patients as well as the healthcare industry. Users can check out more information on its corporate website: www.silopharma.com
Key Quote
Eric Weisblum, Silo Pharma’s Chief Executive Officer commented on this key event. “We are pleased to receive this very important patent issuance to our expanding IP portfolio. Silo Pharma looks forward to further its studies with the objective of introducing improved and effective targeted therapeutic agents to treat millions of patients suffering with CNS disorders.
Traders Review
SILO stock is trading below the 20-Day and 50-Day Moving averages of $0.19 and $0.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.23. The stock is down 15% over the past month.
