Silo Pharma Announces Closing of $2 Million Registration

SARASOTA, FL, June 6, 2024 (GLOBE NEWSWIRE) — SARASOTA, FL, June 6, 2024 (GLOBE NEWSWIRE) — Silo Pharma, Inc. (Nasdaq: SILO) (“Silo” or the “Company”), a biopharmaceutical company in development stage focused on the development of new formulations and drug delivery systems for traditional therapies and psychedelic treatments, today announced the closing of its previously announced registered direct offering at market price under the rules of the Nasdaq for the purchase and sale of 917,432 shares of common stock. common shares (or common stock equivalents in lieu thereof) at the purchase price of $2.18 per share (or common stock equivalents in lieu thereof). In a concurrent private placement, the Company has issued unregistered warrants to purchase up to 917,432 shares of common stock at an exercise price of $2.06 per share, which are immediately exercisable upon issuance and will expire five years after the date of issue.

HC Wainwright & Co. acted as exclusive placement agent for the placement.

The gross proceeds of the offering to the Company were approximately $2 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

The common shares (or common stock equivalents) (but not the unregistered warrants and the common shares underlying the unregistered warrants) described above were offered by the Company pursuant to a declaration of “preliminary” registration on Form S-3 (File No. 333-276658) which was declared effective by the Securities and Exchange Commission (the “SEC”) on January 30, 2024. The offering of common stock (or common stock equivalents) was made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering have been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained from the SEC’s website at http://www.sec.gov or by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York. 10022, by telephone at (212) 856-5711 or by email at [email protected].

The unregistered warrants described above were offered in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). , and/or Regulation D promulgated thereunder and, together with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act or the laws of applicable state securities. Accordingly, the unregistered warrants and the underlying common shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. before registration or qualification. under the securities laws of any such jurisdiction.

About Silo Pharma

Silo Pharma Inc. (Nasdaq: SILO) is a development-stage biopharmaceutical company developing novel therapeutic products that treat underserved conditions, including stress-induced psychiatric disorders, chronic pain and central nervous system diseases ( NCS). Silo focuses on developing traditional therapies and psychedelic treatments into new formulations and drug delivery systems. The Company’s flagship program, SPC-15, is an intranasal treatment targeting PTSD and stress-induced anxiety disorders. SP-26 is a sustained release ketamine loaded implant for fibromyalgia and chronic pain relief. Silo’s two preclinical programs are SPC-14, an intranasal compound for the treatment of Alzheimer’s disease, and SPU-16, a CNS-directed peptide targeting multiple sclerosis (MS). Silo’s research and development programs are conducted through collaborations with Columbia University and the University of Maryland, Baltimore. For more information, visit www.silopharma.com and connect on social media LinkedIn, X and Facebook.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “may”, “believe”, ” anticipate “. , “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential” and similar expressions intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Silo Pharma, Inc. (“Silo” or “the Company”) to differ materially from the results expressed or implied. heard by these statements, including statements. regarding the anticipated use of proceeds from the offering, changes in anticipated revenue streams, future economic and competitive conditions, challenges related to the development of the Company’s technology platforms, retention and expansion of the customer base, fluctuations in consumer spending on the Company’s products and other factors. Therefore, although the Company believes that the expectations reflected in these forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company undertakes no obligation to publicly update or release any revisions to the forward-looking information contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation or to reflect the occurrence of unforeseen events. events, unless required by law.

Contact

800-705-0120 [email protected]