Initial data from study expected in first quarter 2023

ENGLEWOOD CLIFFS, NJ, Nov. 21, 2022 (GLOBE NEWSWIRE) --  Silo Pharma, Inc. (Nasdaq: SILO) (“the Company”), a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research, today announced its plans to initiate a pilot study of its novel joint homing peptides targeting rheumatoid arthritis (RA), designated as SPU-21, in human synovial tissue surrounding joints and tendons. The three-month study will assess the binding affinity of the peptide in healthy human and RA synovial tissue. Initial data from the study is expected during the first quarter of 2023.

“SPU-21 was shown to inhibit arthritic progression in a preclinical animal model, so we are proceeding to advance our research into human synovial tissue, where we will first assess binding affinity,” said Eric Weisblum, Chief Executive Officer of Silo Pharma. “Positive data from this important study could support further research into the interaction of our joint homing peptide as a potential therapy for autoimmune disorders such as rheumatoid arthritis and inflammation. We look forward to progressing our development of SPU-21 through our valued collaboration with the University of Maryland, Baltimore.”

Under a commercial evaluation license and option agreement with the University of Maryland, Baltimore (UMB), Silo Pharma is advancing the development of UMB’s liposomal homing peptide to deliver targeted therapeutics that could include psilocybin. The proven ability of the peptide to target inflamed epithelium suggest they could be used to target drug delivery. This approach could enhance the therapeutic effect of current and future therapies and decrease potential systemic toxicity despite systemic administration of the drug. The peptides also have potential for the development of fusion imaging molecules and/or nanoparticles to study arthritic pathogenesis, could be customizable for potential use in delivering nanoparticles for precise imaging, and can be used to treat autoimmune diseases, including but not limited to RA.

Rheumatoid arthritis is among the most common autoimmune diseases in the U.S., affecting approximately 1.5 Americans.  A 2022 report published by Precedence Research states that the global rheumatoid arthritis drugs market is expected to reach $70 billion by 2030, growing at a compound annual growth rate of 1.7%.¹

In addition to SPU-21, Silo Pharma holds a license agreement with UMB for a central nervous system (CNS) homing peptide for the investigation and treatment of multiple sclerosis and other rare neurological diseases designated as SPU-16.

About Silo Pharma

Silo Pharma. Inc. is a development-stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as PTSD, Alzheimer’s disease, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the healthcare industry. For more information, visit www.silopharma.com.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements that involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's filings with the SEC.

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¹ Precedence Research; Rheumatoid Arthritis Drugs Market, Report 2022-2030. June 2022.