Scilex enters crypto partnership with Biconomy for treasury management

Scilex Holding Company (NASDAQ: SCLX) signed a non-binding memorandum of understanding with Biconomy.com to collaborate on cryptocurrency strategies and treasury management, the pharmaceutical company announced September 24.

The agreement covers three areas of potential collaboration. Scilex would use Biconomy's cryptocurrency exchange platform for global trading services of digital assets, which the company states could potentially exceed $1 billion per cryptocurrency including Bitcoin and Ethereum. The partnership also involves establishing a cryptocurrency treasury management strategy focused on security, liquidity, compliance and yield.

Additionally, Scilex plans to leverage Biconomy's technology to receive financial and trade information to monetize its digital assets.

"We are thrilled to be collaborating with Scilex on crypto strategies in order to create long-term value in their digital assets and to accelerate the shift toward a crypto-powered economy," said Dmitry Sheludko, CEO of Biconomy.com.

Scilex focuses on acquiring, developing and commercializing non-opioid pain management products for acute and chronic pain treatment. The company's commercial products include ZTlido for neuropathic pain, ELYXYB for migraine treatment, and Gloperba for gout prevention.

The memorandum of understanding is non-exclusive and does not guarantee that the companies will enter into a definitive agreement. The announcement was made through a press release from the company.

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