SciSparc Ltd SPRC shares are ripping higher Monday after the company announced that its collaboration with Clearmind Medicine Inc CMND led to a patent application for psychedelic therapy targeting cocaine addiction.

What Happened: A patent application was published by the South Korean Intellectual Property Office for a combination treatment using Clearmind’s 5-methoxy-2-aminoindane and SciSparc’s Palmitoylethanolamide for the treatment of cocaine addiction.

The patent is based on preclinical trial results that followed an experiment in which animals treated with Clearmind’s 5-methoxy-2-aminoindane exhibited a significant reduction in cocaine-induced craving. Further research assessed whether 5-methoxy-2-aminoindane’s effect on drug-seeking behavior extends to natural rewards.

The companies said the study produced positive results, demonstrating that 5-methoxy-2-aminoindane reduces cocaine-seeking behavior without impairing response to natural rewards. The demonstration suggests that 5-methoxy-2-aminoindane specifically targets drug-related compulsions.

SciSparc shares soared on the news, while Clearmind shares inched higher.

SciSparc is a specialty clinical-stage pharmaceutical company focused on creating and enhancing a portfolio of assets based on cannabinoid pharmaceuticals. Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics.

SPRC Price Action: SciSparc shares were up 31.4% at approximately 41 cents at the time of publication Monday, according to Benzinga Pro.

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This illustration was generated using artificial intelligence via Midjourney.