SciSparc: N2OFF Shareholders Approve Merger with SciSparc's Majority Owned Subsidiary MitoCareX, a Drug Discovery Company Targeting Resistant Cancers Including Pancreatic and Non-Small Cell Lung Cancer

Core Insights - SciSparc Ltd. announced the approval of the acquisition of its majority-owned subsidiary, MitoCareX Bio Ltd., by N2OFF, Inc., which is a significant milestone for the completion of the acquisition [1][4] Company Overview - SciSparc Ltd. is a specialty clinical-stage pharmaceutical company focused on developing therapies for central nervous system disorders and cannabinoid pharmaceuticals [6] - The company is engaged in drug development programs targeting conditions such as Tourette Syndrome, Alzheimer's disease, and autism spectrum disorder [6] Acquisition Details - N2OFF will acquire MitoCareX by purchasing 6,622 shares for $700,000 and exchanging remaining shares for N2OFF common stock, totaling 40% of N2OFF's fully diluted capital stock [3] - The sellers will receive 30% of N2OFF's financing proceeds, capped at $1.6 million, for five years post-closing [3] - N2OFF is committed to financially support MitoCareX with an initial cash investment of $1,000,000 during the first two years following the acquisition [4] MitoCareX Focus - MitoCareX is developing novel therapies for difficult-to-treat cancers by targeting mitochondrial SLC25 protein family [2] - The global cancer therapeutics market was valued at $194.1 billion in 2024 and is projected to reach $344.1 billion by 2031, indicating significant growth potential in the sector [2]