Full Press Release Details
SciSparc Announces Rebranding and
TEL AVIV, Israel, February 11, 2021- SciSparc
Ltd. (OTCQB: SPRCY), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments
(formerly known as Therapix Biosciences Ltd.), today announced series of rebranding processes.
"We are excited to announce that as of February 2021, we are
rebranding our company. As part of our rebranding, our company name was changed from Therapix Biosciences Ltd. to SciSparc Ltd.
This name change is part of our unwavering commitment as the new management, to our investors, to turning the company around and
steering it in the right direction. The rebranding includes, among others, a new name, brand logo and share symbol, which correspond
with our business direction and plans. Also, a new website is coming soon," said Amitai Weiss, CEO of SciSparc.
Mr. Weiss added, "We recently
entered into an agreement with Procaps, a leader in contract development and manufacturing services in softgel advanced
technologies, to develop and commercially manufacture both our drug candidate, SCI-110 (formerly THX-110), and
CannAmide , in softgel capsule form. In addition, we commenced the commercial production of CannAmide , that will
be marketed to pharmacies and other retail outlets across Canada, which will follow after we enter into a distribution
The new branding is in line with the company's
innovative and advanced technology for treating various diseases and symptoms, using proprietary cannabinoid- based combinations.
As part of the rebranding, the company's clinical
and pre-clinical programs were renamed as follows:
Pre- clinical programs:
The company's first commercial product (approved for commercialization
only in Canada), CannAmide , will keep its name and trademark. CannAmide (TheraPEA) was issued a product license from Health
Canada's Natural and Non-prescription Health Products Directorate (NNHPD) for the recommended use as an anti-inflammatory and
to help relieve chronic pain.
About SciSparc (OTCQB: SPRCY):
SciSparc Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of senior executives and scientists. Our focus is on creating and enhancing a
portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in
the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 (formerly THX-110) for
the treatment of Tourette syndrome and for the treatment of obstructive sleep apnea; SCI-160 (formerly THX-160) for the treatment
of pain; and SCI-210 (formerly THX-210) for the treatment of autism spectrum disorder and epilepsy.
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995
and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses future rebranding,
marketing CannAmide in Canada and possible distribution agreements. Historic results of scientific research and clinical and preclinical
trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. Because
such statements deal with future events and are based on SciSparc's current expectations, they are subject to various risks and
uncertainties and actual results, performance or achievements of SciSparc could differ materially from those described in or implied
by the statements in this press release. The forward-looking statements contained or implied in this press release are subject
to other risks and uncertainties, including those discussed under the heading "Risk Factors" in SciSparc's Annual Report
on Form 20-F filed with the SEC on June 15, 2020, and in subsequent filings with the U.S. Securities and Exchange Commission. Except
as otherwise required by law, SciSparc disclaims any intention or obligation to update or revise any forward-looking statements,
which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.