Shares of Silo Pharma, Inc. (SILO) surged over 110% in pre-market trading on Tuesday, reaching $1.25. This spike followed the biopharmaceutical company's announcement that it has secured an exclusive global license for its Alzheimer's drug, SPC-14.
Silo Pharma intends to utilize the FDA's accelerated approval pathway for SPC-14, designed to shorten clinical timelines and reduce drug development costs.
The company highlighted data from Market.us, indicating that the global market for Alzheimer's disease therapeutics is projected to surpass $30.8 billion by 2033.
On Monday, Silo Pharma's stock had closed at $1.07, reflecting a 5.9% increase. Over the past year, the stock has traded within a range of $0.84 to $3.05.
