(RTTNews) - Silo Pharma (SILO), a developmental-stage biopharmaceutical company, announced that the Canadian Intellectual Property Office has issued a Notice of Allowance for a patent application covering its lead candidate, SPC-15.

SPC-15 is an intranasal 5-HT4 receptor agonist being developed for post-traumatic stress disorder (PTSD) and other stress-induced psychiatric disorders.

The granted patent, titled "Prophylactic Efficacy of Serotonin 4 Receptor Agonists Against Stress," covers methods of preventing or delaying stress-induced fear and depressive-like behaviour. The drug works by enhancing stress resilience through administration of selected serotonin 4 (5-HT4) receptor agonists before exposure to a stressor.

Silo holds an exclusive license to the Canadian patent application from Columbia University under an agreement to develop, manufacture and commercialize SPC-15 globally.

Eric Weisblum, Chief Executive Officer of Silo, said corresponding intellectual property has also been granted or is progressing in multiple international markets, including a recently granted European patent covering the same core invention.

The company plans to pursue the FDA's 505(b)(2) regulatory pathway for SPC-15, which it expects to potentially reduce development timelines and costs.

SILO closed Tuesday at $3.07. In the overnight market, stock is trading down 10.75% at $2.74.