Thu Sep 26 13:05:00 UTC 2024: ## SciSparc to Sell Stake in MitoCareX for $8 Million
**TEL AVIV, Israel – September 26, 2024** – SciSparc Ltd. (Nasdaq: SPRC), a clinical-stage pharmaceutical company focused on central nervous system disorders, announced today that it has signed a non-binding letter of intent (LOI) to sell its entire ownership interest in MitoCareX Bio Ltd. (MitoCareX) to a publicly-traded company in the United States.
MitoCareX is a joint venture with Dr. Alon Silberman that develops cancer therapeutics by targeting the mitochondrial SLC25 protein family. SciSparc currently owns 52.73% of MitoCareX.
Under the terms of the LOI, SciSparc will receive $700,000 in cash for initially transferring 27% of its MitoCareX shares to the purchaser. The remaining 73% of SciSparc’s stake will be transferred in exchange for shares based on a valuation of $8 million for the purchaser and $5 million for MitoCareX.
This represents a 47% increase from the initial $3.4 million investment SciSparc made in MitoCareX.
“SciSparc is focused on unlocking value through our investments and partnerships,” said Oz Adler, CEO of SciSparc. “We believe this agreement aligns with our long-term strategy to enhance shareholder value.”
The deal also includes potential for further milestones that could increase the total consideration paid to SciSparc to $7 million.
Amitay Weiss, chairman of SciSparc’s board of directors, also serves as chairman of the purchaser’s board. Liat Sidi, a SciSparc board member, also serves on the purchaser’s board.
The final terms of the transaction are subject to negotiation and execution of definitive agreements.
First Piper 