Zelira Therapeutics Ltd (ASX:ZLD) has executed definitive agreements with the 2011 Forman Trust and Mr Malik Majeed to provide a first tranche of US$1.069 million of the US$3.25 million funding.
The funding will help for Zelira to conduct FDA clinical trials for Zelira’s proprietary and patent protected HOPE 1 product via a special purpose vehicle (SPV). Zelira will manage the SPV as part of its business platform.
Managing Director, Dr Oludare Odumosu, said Zelira expects to have subsequent rounds of closings this quarter from its continuing fund raising efforts to support the HOPE 1 formal FDA clinical programme.
“We are excited about achieving this new milestone for our company and starting our first formal FDA trial. This receipt of first tranche funding will allow Zelira to commence our formal FDA trials process with our CRO iNGENu for the HOPE Autism Spectrum Disorder program.
“Looking ahead, Zelira anticipates continued success in our funding efforts for the SPV, facilitating subsequent closures on the balance of the circa US$35 million capital raise to fund HOPE 1 FDA trials in the USA and bolstering the financial foundation needed to drive the HOPE ASD programme.”
Zelira’s Rx business generates revenue from two proprietary medications, HOPE and ZENIVOL. The company has two proprietary formulations under the HOPE brand that are generating revenue in Australia, Washington, D.C., Pennsylvania and Louisiana.
Zelira is also generating revenue in Australia from its proprietary and patented ZENIVOL – the world’s first clinically validated cannabinoid drug for treatment of chronic insomnia. Zelira will also be expanding commercialisation of ZENIVOL into Germany via its German commercialisation partner Adjupharm GmbH following recent approval from German regulatory authority BfArM.