leadf
logo-loader
viewZelira Therapeutics Ltd

Zelira Therapeutics MD shows faith in medical cannabis strategy with placement participation

Dr Richard Hopkins purchased 1 million shares in the heavily oversubscribed A$8.75 million placement and now holds 1.7 million shares.

Zelira Therapeutics Ltd - Zelira Therapeutics MD shows faith in medical cannabis strategy with placement participation
The company is well-funded to advance its unique ‘Launch, Learn and Develop’ model

Zelira Therapeutics Ltd’s (ASX:ZLD) (OTCMKTS:ZLDAF) managing director Dr Richard Hopkins has shown his faith in the company’s therapeutic medicinal cannabis strategy by participating in a placement that raised A$8.75 million.

On August 11, 2020, Hopkins acquired 1 million shares at A$0.05 per share after his participation in the placement was approved by shareholders on July 21, 2020.

The purchase has taken the MD’s overall holding of fully paid ordinary shares held in an indirect interest to 1.7 million.

Strongly oversubscribed

Zelira’s placement of 175 million shares at A$0.05 per share was strongly oversubscribed by new and existing investors in Australian and the United States.

Managed by Morgan’s Corporate Ltd, the placement received firm bids exceeding twice the intended amount and is set to increase the company’s cash position to around A$10.35 million, before costs.

Well-funded

The company is well-funded to leverage its unique ‘Launch, Learn and Develop’ model to launch products, generate revenues and progress development of clinically validated medicines.

Zelira 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.

The company is focused on developing branded cannabis products for the treatment of a variety of medical conditions.

Quick facts: Zelira Therapeutics Ltd

Price: 0.076 AUD

ASX:ZLD
Market: ASX
Market Cap: $90.08 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Zelira Therapeutics Ltd named herein, including the promotion by the Company of Zelira Therapeutics Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Zelira Therapeutics with Proactive at ASX Small and Mid-Cap Conference

Zelira Therapeutics Ltd (ASX:ZLD) managing director Richard Hopkins speaks to Proactive’s Andrew Scott at the virtual ASX Small and Mid-Cap Conference 2020.  The medicinal cannabis company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing...

on 10/9/20

2 min read