Shares of psychedelic-based therapeutics company Silo Pharma Inc (OTCMKTS:SILO) are off Wednesday despite announcing the establishment of a new joint venture with Zylo Therapeutics.
Market Action
Silo Pharma Inc (OTCMKTS:SILO) shares are trading at .296 as of 1:00 Wednesday, down .026 for a loss of 7.8%. Two million shares have traded hands almost 20 times its 30-day average volume. Today’s range has been between the low of .27 and a high of .34. Potential pivot points to keep an eye on are .38 and .44 above and .26 and .20 below.
The new joint venture between the two companies is going to deploy the sustained release topical delivery system that had been developed by Zylo. In this regard, it is also necessary to point out that the delivery system had been developed by Zylo at the Albert Einstein College of Medicine only after using Silo Pharma’s psychedelics expertise.
Eric Weisblum, CEO of Silo Pharma stated “This Joint Venture is part of Silo Pharma’s vision of bringing ground breaking therapeutics to patients in need. The ability to deliver Ketamine or Psilocybin in a time-released manner will allow us to explore both the safety and efficacy of our therapeutics while hopefully diminishing the hallucinogenic effects of psychedelics. We believe that Zylo’s patented technology will allow us to reach potential patients that suffer with dysphagia, such as both Alzheimer’s and Parkinson’s patients.”
The joint venture is going to be initially involved in developing ketamine. It is going to be facilitated through Z-pod technology that had been developed by Zylo.
The Chief Executive Officer of Silo, Eric Weisblum, stated that the joint venture seeks to provide patients in need with ‘groundbreaking therapeutics’.
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