Silo Pharma, Inc. (SILO), a developmental-stage biopharmaceutical and cryptocurrency treasury company, announced a strategic expansion into AI technology as a second line of business, following its recent purchase of Qwikagents.ai's assets, an AI platform designed to support the deployment of autonomous AI agents.
Qwikagents.ai is designed to provide businesses and individuals with dedicated AI agents for executing tasks such as research, content generation, scheduling, and workflow automation.
The firm noted that, according to MarketsandMarkets.com, the multi-billion-dollar AI agent market is projected to reach $47 and $53 billion by 2030 which is roughly 6 times more growth in 4 years.
Silo Pharma's therapeutic focus is on stress-induced psychiatric disorders, chronic pain, and central nervous system diseases.
"We expect that Silo's diversification into AI infrastructure will enable it to take advantage of opportunities in high-growth, transformative technologies that we believe are driving the current tech economy," said Eric Weisblum, Chief Executive Officer.
Silo Pharma's primary therapeutic development portfolio includes SPC-15 for Post-Traumatic Stress Disorder or PTSD, SP-26 for Fibromyalgia and Chronic pain.
SILO has traded between $0.22 and $1.18 over the last year. The stock closed Wednesday's trade at $0.56, down 8.13%.
In the overnight market, SILO is down 7.67% at $0.52.
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