Fibromyalgia Care Breakthrough: DEA Green Lights Biotech Partnership Exploring Ketamine Implant Therapy
Portfolio Pulse from Lara Goldstein
Silo Pharma (NASDAQ:SILO) is advancing its ketamine-loaded implant, SP-26, for fibromyalgia and chronic pain through preclinical trials with approval from state and federal authorities. The company has partnered with Sever Pharma Solutions for development and manufacturing. The implant is designed for at-home pain relief and aims to be the first at-home approved ketamine treatment for chronic pain. Silo Pharma is pursuing FDA approval through the 505(b)(2) pathway. The fibromyalgia market was valued at $3.1 billion in 2022 and is expected to grow at a 4% CAGR until 2032, while the broader chronic pain market could exceed $140 billion by 2030.
December 28, 2023 | 8:10 pm
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POSITIVE IMPACT
Silo Pharma's SP-26 implant for fibromyalgia and chronic pain has received regulatory approval to proceed with preclinical trials, indicating progress in its development pipeline.
The news of advancing preclinical trials and regulatory approval is a positive development for Silo Pharma, indicating progress in their product pipeline. This could lead to increased investor confidence and potential growth in the company's stock price in the short term. The relevance of the news to Silo Pharma is direct and significant, as it pertains to their core product offering. The importance is high given the potential market size for fibromyalgia and chronic pain treatments. The confidence level is set at 80 due to the inherent uncertainties in drug development and regulatory approval processes.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100