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Zelda Therapeutics responds to ASX query on price and volume increases

The Australian bio-pharmaceutical company is developing proprietary cannabinoid formulations to treat a variety of medical conditions.
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A clinical trial to assess the efficacy of cannabis in reducing opioid dependence has started

Zelda Therapeutics Ltd (ASX:ZLD) was queried by the ASX yesterday relating to the price of its securities, which went from a low of 4.6 cents at the close of trading on July 8 to a high of 6.7 cents yesterday, July 10.

The ASX also noted the increase in the volume of Zelda’s securities traded during the same period.

Zelda responded to the query explaining that it was not aware of any information that had not been released to market which, if known by some in the market, could explain the recent trading in its securities.

The company also reconfirmed that it recently received formal approval for its Phase I Opioid Reduction Trial from the St Vincent’s Hospital Ethics and Governance Committees.

READ: Zelda Therapeutics to begin opioid reduction trial with approval granted

The Phase I trial will evaluate the safety and tolerability of whole plant extract following single and repeated doses in nine patients with chronic non-cancer pain on long-term opioid analgesia.

Secondary outcomes include pharmacokinetics and the effects on pain, mood, sleep and opioid use over the duration of the trial.

The Phase I trial has commenced with preliminary results expected by late Q3 2019 and final results in Q4 2019, which is similar to the timeframe the company expects to report on its ongoing Phase II Insomnia trial.

Zelda’s CEO has also continued to make presentations in relation to the company’s business and its objectives, which have been well attended by investors.

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