The only way to get the stat bonus is to take it to the Animal Trainer in Gukta and give it to him.
He laments the loss of his favourite snake pet and returns this item to you with it's present stat bonuses.
It's acutally kinda nice.
Since it fits both wrist and neck slots, it can tide over a froglok who hasn't quite gotten his second bracer yet but has a decent neck piece!