{"id":820539,"date":"2025-03-03T08:43:56","date_gmt":"2025-03-03T13:43:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/"},"modified":"2025-03-03T08:43:56","modified_gmt":"2025-03-03T13:43:56","slug":"scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/","title":{"rendered":"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\" dir=\"RTL\">\n        <span dir=\"LTR\"><br \/>\n          <em>SciSparc<\/em><br \/>\n          <em> will sell its <\/em><br \/>\n          <em>MitoCareX\u2019s<\/em><br \/>\n          <em> shares for $700,000 and exchange its remaining shares for common stock in N2OFF <\/em><br \/>\n        <\/span>\n      <\/p>\n<p>TEL AVIV, Israel, March  03, 2025  (GLOBE NEWSWIRE) &#8212;  SciSparc Ltd. (Nasdaq: SPRC) (the \u201cCompany\u201d or \u201cSciSparc\u201d), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, announced it has signed a definitive agreement to sell its entire ownership interest in MitoCareX Bio Ltd. (\u201cMitoCareX\u201d), the Company\u2019s venture with Dr. Alon Silberman that focuses on drug discovery and development of cancer therapeutics by targeting the mitochondrial SLC25 protein family, to N2Off, Inc., a publicly-traded company in the United States (Nasdaq: NITO)\u00a0(\u201cN2OFF\u201d). SciSparc currently owns 52.73% of the issued and outstanding share capital of MitoCareX.<\/p>\n<p>SciSparc Ltd. has entered into a Securities Purchase and Exchange Agreement with N2OFF, under which SciSparc and other sellers, including Dr. Alon Silberman and Prof. Ciro Leonardo Pierri, will transfer full ownership of MitoCareX Bio Ltd. to N2OFF. As part of the agreement, SciSparc will sell 4,961 shares of MitoCareX to N2OFF for $700,000 and exchange its remaining shares for common stock in N2OFF. In total, SciSparc and the other sellers will receive N2OFF common stock equivalent to 40% of the company\u2019s fully diluted capital stock. The transaction is subject to certain conditions, including approval of N2OFF\u2019s shareholders. Upon closing, MitoCareX will become a wholly owned subsidiary of N2OFF, with its board restructured under N2OFF\u2019s control.<\/p>\n<p>In addition, SciSparc and the other sellers will be entitled to receive additional N2OFF stock based on milestone achievements, representing up to 25% of N2OFF\u2019s fully diluted capital stock. As part of the financial terms, SciSparc, along with the other sellers, will collectively receive 30% of N2OFF\u2019s financing proceeds over five years, up to a maximum of $1.6 million. N2OFF has also committed to investing $1 million in MitoCareX post-closing. Dr. Silberman will continue as CEO under a revised employment agreement, which includes a restricted stock grant of 5% of N2OFF\u2019s capital stock, vesting over three years. The agreement contains customary representations, warranties, and provisions for termination if the closing does not occur within 30 days.<\/p>\n<p>Mr. Amitay Weiss, who serves as the chairman of the board of directors of SciSparc, also serves as the chairman of the board of directors of N2OFF. In addition, Ms. Liat Sidi, who also serves as a member of the board of directors of SciSparc, also serves as a member of the board of directors of N2OFF.<\/p>\n<p>\n        <strong>About\u00a0<\/strong><br \/>\n        <strong>SciSparc<\/strong><br \/>\n        <strong>\u00a0<\/strong><br \/>\n        <strong>Ltd. (Nasdaq: SPRC):<\/strong>\n      <\/p>\n<p>SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc\u2019s 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 CBD: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer\u2019s disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of ASD and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seed oil-based products on Amazon Marketplace.<\/p>\n<p>\n        <strong>Forward-Looking Statements:<\/strong>\n      <\/p>\n<p>This press release contains forward-looking statements within the meaning of the \u201csafe harbor\u201d 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: the transactions contemplated by the Securities Purchase and Exchange Agreement with N2OFF, including milestone-based achievements; the commitment by N2OFF to invest $1 million in MitoCareX post-closing; and that closing of the transaction is subject to certain conditions, including approval of N2OFF\u2019s shareholders. . Because such statements deal with future events and are based on SciSparc\u2019s 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 \u201cRisk Factors\u201d in SciSparc\u2019s Annual Report on Form 20-F filed with the SEC on\u00a0April 1, 2024, 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.<\/p>\n<p>\n        <strong>Investor Contact:<\/strong><br \/>\n        <br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0X7VpR5KsZElC1z4ezF8m_pjaXTCVte_SPX6zkHJFb_aa6ys1ygLfm54G0fGuIN5c_XiXF-PKTqnTB12-5IFMA==\" rel=\"nofollow\" target=\"_blank\">IR@scisparc.com<\/a><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eipKd5VApuc0L2OgxuUBEKq-9Xrbavda6GchPDnmryDfG4kwvEMr2qHTJxPW5me3\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <br \/>\n        <\/a>Tel: +972-3-6167055<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM4Nzc2NiM2Nzg3Mzg4IzUwMDEwMjUyNQ==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/OWYwZDU5NDEtYzE4MS00MzMwLTk3NDQtZDNhN2JkNDA2NjgyLTUwMDEwMjUyNQ==\/tiny\/SciSparc-Ltd.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SciSparc will sell its MitoCareX\u2019s shares for $700,000 and exchange its remaining shares for common stock in N2OFF TEL AVIV, Israel, March 03, 2025 (GLOBE NEWSWIRE) &#8212; SciSparc Ltd. (Nasdaq: SPRC) (the \u201cCompany\u201d or \u201cSciSparc\u201d), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, announced it has signed a definitive agreement to sell its entire ownership interest in MitoCareX Bio Ltd. (\u201cMitoCareX\u201d), the Company\u2019s venture with Dr. Alon Silberman that focuses on drug discovery and development of cancer therapeutics by targeting the mitochondrial SLC25 protein family, to N2Off, Inc., a publicly-traded company in the United States (Nasdaq: NITO)\u00a0(\u201cN2OFF\u201d). SciSparc currently owns 52.73% of the issued and outstanding share capital of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-820539","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SciSparc will sell its MitoCareX\u2019s shares for $700,000 and exchange its remaining shares for common stock in N2OFF TEL AVIV, Israel, March 03, 2025 (GLOBE NEWSWIRE) &#8212; SciSparc Ltd. (Nasdaq: SPRC) (the \u201cCompany\u201d or \u201cSciSparc\u201d), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, announced it has signed a definitive agreement to sell its entire ownership interest in MitoCareX Bio Ltd. (\u201cMitoCareX\u201d), the Company\u2019s venture with Dr. Alon Silberman that focuses on drug discovery and development of cancer therapeutics by targeting the mitochondrial SLC25 protein family, to N2Off, Inc., a publicly-traded company in the United States (Nasdaq: NITO)\u00a0(\u201cN2OFF\u201d). SciSparc currently owns 52.73% of the issued and outstanding share capital of &hellip; Continue reading &quot;SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-03T13:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM4Nzc2NiM2Nzg3Mzg4IzUwMDEwMjUyNQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers\",\"datePublished\":\"2025-03-03T13:43:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/\"},\"wordCount\":788,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTM4Nzc2NiM2Nzg3Mzg4IzUwMDEwMjUyNQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\\\/\",\"name\":\"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers - 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(Nasdaq: SPRC) (the \u201cCompany\u201d or \u201cSciSparc\u201d), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, announced it has signed a definitive agreement to sell its entire ownership interest in MitoCareX Bio Ltd. (\u201cMitoCareX\u201d), the Company\u2019s venture with Dr. Alon Silberman that focuses on drug discovery and development of cancer therapeutics by targeting the mitochondrial SLC25 protein family, to N2Off, Inc., a publicly-traded company in the United States (Nasdaq: NITO)\u00a0(\u201cN2OFF\u201d). SciSparc currently owns 52.73% of the issued and outstanding share capital of &hellip; Continue reading \"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/","og_site_name":"Market Newsdesk","article_published_time":"2025-03-03T13:43:56+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM4Nzc2NiM2Nzg3Mzg4IzUwMDEwMjUyNQ==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers","datePublished":"2025-03-03T13:43:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/"},"wordCount":788,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTM4Nzc2NiM2Nzg3Mzg4IzUwMDEwMjUyNQ==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/scisparc-signs-definitive-agreement-to-sell-mitocarex-computational-drug-discovery-company-targeting-resistant-cancers\/","name":"SciSparc Signs Definitive Agreement to Sell MitoCareX, Computational Drug Discovery Company Targeting Resistant Cancers - 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