Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) has been granted a trading halt by the ASX with a capital raising announcement pending.
The halt will remain in place until the beginning of regular trade on Monday, August 3, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 5.9 cents and since the close on March 23 have risen from 2.2 cents.
Commercial agreement
Earlier this month Zelira entered into a binding product development agreement with US-based Cardiovascular Solutions of Central Mississippi (CVSCM) to target symptoms associated with Peripheral Arterial Disease (PAD) and Diabetic Neuropathies.
Products which will be developed under this agreement will be based on CBD and other cannabinoids derived from hemp.
These products will provide novel and proprietary therapeutic options with potentially improved efficacy and better tolerability to target a significant unmet need in addressing the epidemic of PAD and its debilitating complications.
Zelira will grant an exclusive licence to CVSCM to manufacture, sell and otherwise commercialise Zelira’s proprietary formulations in the USA.