Silo Pharma shares rise following joint development agreement with Kymanox

Silo Pharma (NASDAQ:SILO) saw a notable 12.2% increase in its shares, reaching $1.01, following the announcement of a joint development agreement with Kymanox, a privately-held firm specializing in regulatory and development services.

The partnership focuses on SP-26, a ketamine-based implant device designed for the treatment of fibromyalgia and chronic pain.

Under the terms of the agreement, Kymanox will lead an initial proof-of-concept design phase, followed by full system prototype development and feasibility testing.

This phase aims to determine the optimal insertion depth of the implant in tissue, a key factor in ensuring the device's efficacy.

In addition to this new venture, Kymanox also serves as Silo Pharma's regulatory partner for SPC-15, a treatment targeting stress-induced affective disorders such as PTSD.

Despite the positive news, Silo Pharma's stock is still down 37.5% year-to-date as of the last close.