Silo Pharma (NASDAQ: SILO), a developmental-stage biopharmaceutical company focused on developing novel formulations and drug-delivery systems for traditional therapeutics and psychedelic treatments, has entered into definitive agreements for the purchase and sale of 763,638 shares of common stock at a purchase price of $2.75 per unit in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, Silo Pharma will issue unregistered warrants to purchase up to 763,638 shares of common stock at an exercise price of $2.75 per unit. The warrants will be immediately exercisable upon issuance and will expire five years following the date of issuance. The offering is expected to close on or about July 22, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $2.1 million before deductions. Silo Pharma plans to use the net proceeds from the offering for working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
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About Silo Pharma Inc.
Silo Pharma is a developmental-stage biopharmaceutical company developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions and central nervous system (“CNS”) diseases. Silo focuses on developing traditional therapies and psychedelic treatments in novel formulations and drug-delivery systems. The company’s lead program, SPC-15, is an intranasal treatment targeting post-traumatic stress disorder (“PTSD”) and stress-induced anxiety disorders. SP-26 is a time-release, ketamine-loaded implant for fibromyalgia and chronic pain relief. Silo’s two pre-clinical programs are SPC-14, an intranasal compound for the treatment of Alzheimer’s disease, and SPU-16, a CNS-homing peptide targeting multiple sclerosis (“MS”). Silo’s research and development programs are conducted through collaborations with Columbia University and the University of Maryland, Baltimore. For more information about the company, visit http://www.silopharma.com/.
NOTE TO INVESTORS: The latest news and updates relating to SILO are available in the company’s newsroom at https://ibn.fm/SILO
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