SciSparc Ltd (NASDAQ:SPRC) shares are trading higher Tuesday after the company announced it was granted a European patent for its core technology.

What Happened: The European Patent Office granted SciSparc a new patent titled, "Combinations of Cannabinoids and N-Acylethanolamines."

The patent is related to methods for potentiating therapeutic effects and reducing side-effects of certain cannabinoids in the cannabis plant and provides for use in multiple indications amenable to treatment with cannabinoids.

"We continue to believe that cannabinoid-based medicines have enormous therapeutic potential and therefore we continue to strengthen the patent protection around the technologies we develop," said Oz Adler, CEO of SciSparc.

SciSparc is a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders and rare diseases of the central nervous system. The company implemented a 1-for-26 reverse split last week. 

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SPRC Price Action: SciSparc shares were up 34.5% at $4.95 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.