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Silo Pharma Announces Closing of $2 Million Registered

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

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

The gross proceeds to the Company from the offering 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) described above (but excluding the unregistered warrants and the shares of common stock underlying the unregistered warrants) were offered by the Company pursuant to a “shelf” registration statement 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 shares of common stock (or common stock equivalents) was made solely by means of a prospectus, including a prospectus supplement, which forms 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 on 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 phone at (212) 856-5711 or email at [email protected].

The unregistered warrants described above were offered in a private placement under 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 applicable state securities laws. Accordingly, the unregistered warrants and underlying common stock 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 such applicable state securities laws.

This press release shall 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 prior to the registration or qualification. under the securities laws of such jurisdiction.

About Silo Pharma

Silo Pharma Inc. (Nasdaq: SILO) is a development-stage biopharmaceutical company developing novel therapies targeting underserved conditions, including stress-induced psychiatric disorders, chronic pain conditions and central nervous system (CNS) diseases. Silo focuses on the development of traditional therapies and psychedelic treatments into new formulations and drug delivery systems. The company’s lead program, SPC-15, is an intranasal treatment targeting PTSD and stress-induced anxiety disorders. SP-26 is a ketamine-loaded, time-release 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 homing 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 on 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 “could”, “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 may cause actual results of Silo Pharma, Inc. (“Silo” or “the Company”) differ materially from the results expressed or implied by such statements, including statements regarding the intended use of proceeds from the offering, changes in expected revenue sources, future economic and competitive conditions, difficulties in developing the Company’s technology platforms, retaining and expanding the Company’s customer base, fluctuations in consumer spending on the Company’s products and other factors. Therefore, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company disclaims any 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 unanticipated events display. events, except as required by law.

Contact

800-705-0120 [email protected]