Silo Pharma Surges 110% In Pre-market On Getting Exclusive License For Alzheimer's Drug SPC-14

(RTTNews) - Shares of Silo Pharma, Inc. (SILO) were surging more than 110 percent in pre-market on Tuesday to $1.25, after the biopharmaceutical company said it has secured an exclusive global license for its Alzheimer's drug SPC-14.

Silo plans to utilize the Food and Drug Administration or FDA's accelerated pathway for SPC-14, which helps to shorten clinical timelines and reduce drug development costs.

The company added that according to Market.us, global Alzheimer's disease therapeutics market size is forecasted to exceed $30.8 billion by 2033.

Silo stock had closed at $1.07, up 5.9 percent on Monday. It has traded in the range of $0.84 - $3.05 in the last 1 year.