Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF), a global leader in the development and commercialisation of clinically validated cannabinoid based medicines, is delighted to announce it has executed additional binding term sheets to provide a further US$3.25 million of funding to support FDA clinical trials for Zelira’s proprietary and patented protected HOPE 1 product (Term Sheet), via the SPV, further to the announcement made on 15 February 2023.
The additional funds of US$3.25 million, to be provided by the Forman Family Foundation, founded by Michael Forman and Jennifer Rice (US$3 million) and Mr. Malik Majeed (US$0.25 million), combined with the initial cornerstone funding by Cantheon Capital LLC (Cantheon), who will provide up to US$8.6 million, brings the total funds secured to US$11.85 million representing approximately 34% of the total $35 million to be raised for the SVP.
With this additional investment, Zelira will commence the start of the HOPE clinical trials once the definitive agreements for this transaction are completed and executed.
Summary of the Term Sheets
The Term Sheets are consistent with the Cantheon Terms Sheet announced on 15 February 2023 and gives the parties the right to subscribe for the respective elected amount in convertible notes in the SPV subject to terms and conditions set out in the Annexure.
Zelira Therapeutics Managing Director, Dr Oludare Odumosu commented:
“We are delighted to announce the addition of the Forman Family Foundation and Mr. Malik Majeed as co-partners in funding the HOPE SPV, alongside our lead investors, Cantheon Capital. Their decision to join forces with Zelira is a testament to their confidence in our innovative Launch, Learn and Develop strategy for validating cannabinoid medicines. Their strategic investment will further propel our efforts to revolutionise the field of cannabinoid medicines and bring much needed relief to patients worldwide. With this additional funding, we are excited to start our formal HOPE 1 trial process, working with our CRO and trusted partner, iNGENū.”
Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF) Zelira is a leading global biopharmaceutical company in the research, development and commercialisation of clinically validated cannabinoid based medicines. Zelira owns a portfolio of proprietary revenue generating products and a pipeline of candidates undergoing clinical development positioned to enter global markets. The Company is focused on developing and clinically validating branded cannabinoid-based medicines in its prescription [Rx] business for the treatment of a variety of medical conditions including insomnia, autism and chronic non-cancer pain as well as offering over the counter [OTC] products.
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.
Zelira’s OTC products in the oral and dermatology health care sectors are also generating revenue. Zelira, in partnership with SprinJeneCBD, launched a full line of oral care products, currently generating revenue in the US. The SprinJeneCBD toothpaste product is the first of several scientifically formulated, hemp-derived, oral care products containing cannabinoids, blackseed oil and zinc utilising proprietary and patented technology. Zelira also launched in 2021 the RAF FIVE brand, which consists of five OTC acne treatment products using a proprietary formulation incorporating cannabidiol (CBD).
Zelira has developed Enhanced Distillate Capture and Dissolution Matrix (EDCDM) technology under the brand name Zyraydi, that solves the problem of non-uniformity and separation of cannabinoid from powder bed, opening new ways to develop pharmaceutical grade solid oral dosage forms such as capsules and tablets. Zelira will be assessing opportunities for commercialisation of this technology.
The Company conducts its work in partnership with world-leading researchers and organisations which since inception includes Curtain University in Perth, Australia; the Telethon Kids Institute in Perth, Australia; the University of Western Australia, in Perth, Australia; St Vincent’s Hospital in Melbourne, Australia; and the Children’s Hospital of Philadelphia (CHOP) in the United States.
For further information, please visit: zeliratx.com.
