Zelda Receives Cash Refund Of $769,000 Under R&D Tax Incentive Scheme

Zelda Receives Cash Refund Of $769,000 Under R&D Tax Incentive Scheme

Headquartered in Australia, Zelda Therapeutics Limited (ASX: ZLD) develops cannabinoid-based medicines to treat human diseases and disorders. The company is uniting with the world’s leading researchers and clinicians undertaking the study and use of medicinal cannabis. The company is currently involved in a human clinical trial programme and a pre-clinical research programme.

The company’s human clinical trial programme centres around the reduction in insomnia, autism and opioid-related activities in the US and Australia, while its pre-clinical research programme focusses on studying the effect of cannabinoids in pancreatic, breast and brain cancer. Under the pre-clinical research programme, the company is also undertaking research to test the ability of cannabinoids in healing diabetes-associated cognitive decline.

The company announced on 9 May 2019 that it has received a cash refund of $769,000 under the Federal Government’s Research and Development Tax Incentive Scheme.

In the Federal Government’s Research and Development Tax Incentive Scheme, the companies if eligible could receive cash refunds for 43.5% of expenditure on research and development.

The company published March 2019 Quarterly Report on 30th April 2019. Zelda’s cash balance at the end of the quarter was $3.24 million. The company forecasted expenditure of approximately $0.85m in the next quarter.

The company issued 25,000,000 unlisted options to key executives on 19th February 2019 at a range of prices from $0.10 to $0.30 expiring on 19th February 2022.

Zelda released operational updates on insomnia, opioid reduction and autism clinical trials in the quarterly report. The ethics committee has asked for a short delay in Insomnia Clinical Trial to make sure that the new product matches with the required specifications. The protocol of an initial pharmacokinetic study, to be undertaken under the opioid reduction study, recently got conditional ethics approval. Around 72 patients had been enrolled for Autism Observational Trial by the end of March 2019.

The company announced a binding Heads of Agreement (HoA) with medicinal cannabis company Ilera Healthcare, LLC on 12th March 2019. The agreement was signed to explore collaborative opportunities including licensing, co-development of Zelda products and data sharing.

The company was awarded a new patent in Australia for a novel prognostic biomarker for breast cancer on 6th March 2019. The biomarker would help in predicting a patient’s survival and the probability of disease recurrence.

ZLD and SUDA collaborated to supply medicinal Cannabis in oral spray in December last year. They entered into an agreement under which, OroMist® oro-mucosal spray technology of SUDA was applied to Zelda’s cannabinoid derivatives. In March 2019, SUDA Pharmaceuticals had developed an oral spray product for cancer prevention.

Zelda’s stock traded flat, during the trading session, and by its closure was at A$0.044 (as on 9th May 2019). About 827,570 number of Zelda’s shares exchanged hands today, and the stock reported the market capitalisation of AUD 33.24 million. The 52-week high and low value of Zelda’s stock stood at AUD 0.125 and AUD 0.033 respectively. The company’s stock has generated a negative return on YTD of 24.14 per cent.


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