Why SciSparc Ltd Stock Is Lighting Up

SciSparc Ltd. SPRC shares are blasting higher Tuesday after the company announced it received notice of acceptance from the Australian patent office for its patent application for its Combination of Opioids and N-Acylethanolamines for pain treatment.

The Details:

SciSparc announced that the patent for its Combination of Opioids and N-Acylethanolamines was granted by IP Australia, the government agency in Australia that administers intellectual property rights and legislation for patents.

"The fact that SciSparc's number of granted patents continues to grow is proof recognizing the innovation that characterizes the technologies in the Company's pipeline," said SciSparc's CEO, Oz Adler.

"In this case, our unique technology allows us to harness the ability to treat pain through opioids while using significantly lower concentrations than those used on the market today and allows us to continue to fulfill our promise to offer both effective and safe treatments."

Shares of SPRC are up on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 13 million shares have already been traded in the session, compared to the stock's 100-day average of just over 830 thousand shares.

Additionally, SciSparc Ltd.'s stock has a small float of only 523,288 shares and a remarkable 74.24% of available SPRC shares are being sold short. 

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SPRC Price Action: According to Benzinga Pro, shares are up 67% at $5.70 at the time of publication.

Image: Myriams-Fotos from Pixabay