Zelda Therapeutics Limited (ASX: ZLD) is an ASX listed pharmaceutical company having an interest in the cannabis market and is based in Australia. It aims to treat a variety of medical conditions using cannabinoid-based formulations. Currently, the company is working on two trial programs: a human clinical trial programme which is aimed at reduction of insomnia, autism etc. and pre-clinical research programme which aims to analyse the effect of cannabinoids in brain, pancreatic cancer etc.
On 30th April 2019, the company released a quarterly report for the period ended March 2019.
Insomnia Clinical Trial (Perth, Australia)
This trial is aimed at evaluating the safety and potency of a cannabinoid extract, which contains THC and CBD in patients having symptoms of clinically diagnosed chronic insomnia. The medicine for the trial has been manufactured by a Europe-based speciality manufacturer in accordance with pharmaceutical grade GMP standards. The trial is on track to complete patient dosing by the end of Q3 2019.
Opioid Reduction Study (Melbourne, Australia)
In the United States alone, an estimated 49,000 people died from opioid overdose in 2017. It is often perceived to have serious side effects including physical dependence. The company is undertaking an opioid reduction study in collaboration with St Vincent’s Hospital, to evaluate the effectiveness of medicinal cannabis to reduce opioid dependence.
Autism Observational Trial (Philadelphia, USA)
Earlier in September 2018, the company commenced recruitment for its observational autism study. The study combined several key efficacy and safety measures, which makes it the first significant study of its kind. At the end of the March quarter, a total of 72 patients had been enrolled with the target sample size of between 100-200 patient for the study.
SUDA Pharmaceuticals Collaboration
In December 2018, the company announced a feasibility and option agreement with SUDA Pharmaceuticals Limited (ASX: SUD) under which, SUDA was to apply its proprietary OroMist® spray technology to deliver Zelda’s pharmaceutical-grade cannabis formulations. Over the past quarter, SUDA has obtained all the relevant licenses to import, store and develop cannabis formulations under GMP conditions.
Other Miscellaneous updates
- The company has partnered with Ilera HealthCare to Access US Medicinal Cannabis Market. On 12th March 2019, the company announced its entrance in binding agreement with Ilera HealthCare.
- In February 2019, it has also engaged Dr Ethan Russo who is a leading global authority on medicinal cannabis, to advise on its clinical programs.
- In March 2019, Zelda has been granted Australian patent for a novel method to predict disease-free survival in breast cancer patients.
- In the March quarter, the company had also issued 25,000,000 unlisted options to key executives’ various exercise prices.
The company used a total of A$1.17 million for the operating activities, the highest expense being incurred on payments for research and developments, which led to the cash outflow of A$883,000. Other major expenses were incurred on staff and board remuneration (A$115,000), administration and corporate costs (A$128,000).
No cash has been used for investing, as well as financing activities in the March quarter. At the end of the quarter, the company had net cash of A$3.23 million in the balance sheet.
The company also estimated the future cash outflow for the next quarter, which stood at A$855,000. It estimates the research and development costs to decrease to A$482,000 from the current quarter research and development costs of A$883,000.
The stock of the company is currently trading at a price of A$0.42, up 2.44% (as on 1 May 2019, 1:35 PM AEST).
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