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.
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.