Zelda Therapeutics Ltd (ASX: ZLD) announces the grant of a new patent for novel prognostic biomarker for breast cancer, a method to predict disease-free survival. The patent is valid until 2038.
Post the announcement, the shares soared up by 3.57% on ASX, trading at A$0.058 (As at Wed 06 Mar 19, 01:35 PM).
The company, in its release, provided more details on the Patent (AU2017346940A). The patent details a method for detecting levels of expression of a novel receptor complex containing HER2 and CB2.
HER2 is a prominent marker of aggressive breast cancer while CB2 is a key receptor in the endocannabinoid system. HER2 and CB2 together form a novel receptor complex that represents a prognostic marker for HER2 positive breast cancer.
Breast cancer is among the most common cancer forms affecting women. Around 28% of new cases of cancer diagnosed in women in 2017 were of breast cancer.
The Managing Director of Zelda, Dr. Richard Hopkins commented on the patent. He believes that this patent supports the company’s strategy of building a world-class intellectual property portfolio. He also stated that this patent would also help the company’s development of cannabis-based cancer therapies.
It is to be noted that in December 2018, the company had announced to the exchange the joint development of novel oral spray formulation containing medical cannabis with Suda Pharmaceuticals Limited (ASX SUD).
The MD took the opportunity to acknowledge the work of Professor Cristina Sanchez and her team. The team generated the data that aided the patent. He also highlighted that the teams’ work was published in the prestigious peer-reviewed Proceedings of the National Academy of Sciences. Mr. Hopkins also believes that Professor Sanchez’s discovery of novel prognostic biomarker would complement the company’s under progress cannabis-based medicines to treat breast cancer.
The company release on 28th February 2019 highlighted that as per ZLD and Professor Sanchez and the Complutense University agreement, the IP generated from the collaboration would be assigned to Zelda.
The company recently tied up with International Cannabis and Cannabinoids Institute to aid Zelda’s clinical study initiatives. This arrangement opens up an opportunity for the Zelda team to collaborate with leading international medical cannabis expert Dr. Ethan Russo.
On 22nd February 2019, the company released its 1HFY19 results. The revenues from ordinary activities were down by 139% to A$47,714 as compared to 1HFY2018. The company reported a loss from ordinary activities after tax at A$2,063,058. The company did not announce any dividend. The company reported cash and cash equivalents of A$4,410,400 as on 31 December 2018 vs. A$5,685,725 as on 30 June 2018.
The stock has dropped by 30.86%, up by 21.74%, and up by 1.82%, in the past six months, three months and, one month respectively.
Zelda Therapeutics Ltd’s (ASX: ZLD) market capitalization stands at circa $42.3 million. The Stock has noted the 52-week high price of A$0.145 and 52-week low price of A$0.033. The company has an EPS of -0.004 AUD.
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