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Zelda Therapeutics Limited (ASX:ZLD) has joined hands with ASX listed SUDA Pharmaceuticals Limited (ASX: SUD) to develop novel oral spray formulation containing medicinal cannabis.
In the release dated 6 December 2018, Zelda announced that it has entered into a feasibility and option agreement with SUDA for the delivery of Zeldaâs pharmaceutical-grade cannabis medicines through SUDAâs proprietary technology of oral muscular spray.
As per the terms of agreement, Zelda will pay an option fee of $200,000 to SUDA that includes an upfront payment of $100,000. Whereas, remaining $100,000 will be paid in downstream milestone payments. Zelda will also fund the pre-agreed project expenditure.
Initially, they have inked a 12-month workplan under which SUDA Pharmaceuticals will apply its proprietary OroMist® oromucosal spray technology to deliver Zeldaâs cannabis medicines in patients. The agreement also involves a 24 month option which equips Zelda with exclusive rights to extend the contract. Further the options also provides Zelda to enter into exclusive global licensing agreement under which SUDA will develop medicinal cannabis formulations into its proprietary oral-mucosal technology, exclusively for Zelda.
Zelda Therapeutics Managing Director Dr Richard Hopkins said the target of Zelda Therapeutics Limited is to enhance the oral-mucosal formulation that has been approved by the market and is widely accepted for its effective delivery of cannabis medicines in patients.
Dr. Hopkins added that with an option to obtain exclusive rights, Zelda sits on the competitive position in the market because if exercised, Zelda will have exclusive access to SUDAâs proprietary OroMist® oromucosal spray technology.
SUDAâs Managing Director Mr. Stephen Carter stated that SUDA believes its technology can accelerate the business of Zelda, offering unique advantages to the delivery of medicinal cannabis.
Zelda Therapeutics Limited and SUDA Pharmaceuticals Limited are both listed under the healthcare sector on Australian Securities Exchange.
Zelda, a medical cannabis group works on the treatment of several medical conditions through its pharmaceutical-grade cannabis. In todayâs trading session, Zelda share price has gone up by 4.348% to trade at $0.048 on 6 December 2018. It seems the new deal with SUDA Pharmaceuticals has gained investors traction to Zelda. But, the stock has witnessed a massive performance change of negative 50% over the past one year and in the past one month it has been down by 26.98%.
SUDA is into the business of developing and commercializing the innovative methods of pharmaceuticals product delivery. It is a leader in oro-mucosal drug delivery. Currently, 6 December 2018 (3:21 PM), SUDAâs stock is trading flat although 11,155,859 share changed hands in todayâs trade. SUD last traded at $0.006. Looking to the historical performance of SUD, we can see there has been a massive plunge of 59.09% over the past one year but since the last one month it seems to be picking up pace as daily price change is +20% over the past one month as at 6 December 2018.
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