Silo Pharma Secures $2 Million in Public Offering to Advance Psychedelic and Cannabis-Based Therapeutics

Silo Pharma (NASDAQ: SILO), a developmental stage biopharmaceutical company, has successfully closed a public offering raising approximately $2 million in gross proceeds. This financial milestone is earmarked for the advancement of novel therapeutics and drug delivery systems, particularly focusing on stress-induced psychiatric disorders, chronic pain, and central nervous system diseases. The offering included 3,333,338 shares of common stock or pre-funded warrants, alongside Series A-1 and Series A-2 warrants, each permitting the purchase of up to 3,333,338 shares at $0.60 per share. H.C. Wainwright & Co. served as the exclusive placement agent for this offering.

The proceeds from this offering are intended for general working capital, supporting Silo Pharma's pipeline of innovative treatments. Among these is SPC-15, an intranasal treatment aimed at post-traumatic stress disorder (PTSD) and stress-induced anxiety disorders, and SP-26, a time-release, ketamine-loaded implant designed for fibromyalgia and chronic pain relief. Additionally, the company is developing SPC-14, an intranasal compound for Alzheimer’s disease, and SPU-16, a CNS-homing peptide targeting multiple sclerosis (MS). These initiatives highlight Silo Pharma's commitment to addressing significant unmet needs in mental health and chronic pain management through psychedelic and cannabis-based therapies.

The closing of this public offering not only provides Silo Pharma with the necessary capital to further its research and development efforts but also reflects the increasing investor confidence in the potential of psychedelic and cannabis-based treatments. As the industry continues to evolve, Silo Pharma's work could pave the way for groundbreaking therapies that offer new hope for patients suffering from a range of challenging conditions.