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Zelira Therapeutics raises $4.59 million to accelerate product launches and clinical programs

The funds will be used to accelerate Zelira’s plans to launch multiple products into global markets in 2020 and to advance its clinical programs.

Zelira Therapeutics Ltd. - Zelira Therapeutics raises $4.59 million to accelerate product launches and clinical programs
Clinical programs include insomnia and opioid sparing trials

Zelira Therapeutics Ltd (ASX:ZLD) has successfully completed a placement of shares at 5 cents per share to Australian and international investors to raise $4,588,500.

The placement will increase the company’s cash position to about $5,788,500 million.

Zelira managing director (ex-USA) Dr Richard Hopkins said: “The placement was strongly supported by existing and new investors both domestically and in the United States.

“We are delighted to welcome new shareholders to our register and appreciate the ongoing support from our existing shareholders.”

Plan to launch multiple products this year

The funds will be used to accelerate Zelira’s plans to launch multiple products into global markets in 2020 and to advance its clinical programs, including its insomnia and opioid sparing trials, which are due to read-out in the first half of this year.

Subject to shareholder approval, managing director Dr Richard Hopkins has committed to subscribe for about $50,000 in the placement.

Background

Zelira is a leading global therapeutic medicinal cannabis company with access to the world’s largest and fastest-growing cannabis markets.

The company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets from 2020.

It is currently undertaking:

  • Human clinical trial programs focused on insomnia, autism and opioid reduction with activities in Australia and the USA; and
  • Pre-clinical research examining the effect of cannabinoids in breast, brain and pancreatic cancer as well as research examining the potential for cannabinoids to treat diabetes-associated cognitive decline.

Quick facts: Zelira Therapeutics Ltd

Price: 0.051 AUD

ASX:ZLD
Market: ASX
Market Cap: $49.28 m
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