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Zelda Therapeutics well-funded to advance cannabinoid treatments for medical conditions

Last updated: 13:14 28 Feb 2018 GMT, First published: 02:14 28 Feb 2018 GMT

Laboratory tests
Zelda is developing novel cannabinoid-based therapies for a range of diseases.

Zelda Therapeutics Ltd (ASX:ZLD) (OTCQB:ZLDAF) is well funded to make strong progress in 2018 with the development of cannabinoid-based formulations for the treatment of a variety of medical conditions.

The company’s cash at bank was $6.61 million at 31 December 2017 and it is fully funded for its near-term initiatives.

Zelda’s performance in the second half of 2017 has supported strengthening share prices with the company reaching a 5-year high of $0.16 in mid-February.

It is trading in the range of $0.14 and is up more than four times its 12-month low of a year ago.

WATCH NOW: Zelda Therapeutics' Dr Stewart Washer presents at Proactive's CEO Sessions

Harry Karelis, executive chairman, said: “We continue to push ahead with our clinical trial activities which in some cases have never been done before at the level of rigour we are applying.

“This investment in planning will result in very strong and reliable data that can be used to push forward into the next stage of commercialisation activities.

“Our intellectual property portfolio continues to grow from our pre-clinical cancer research activities and we look forward to reporting results in coming months.

“It is a very exciting time for the company as we move into our clinical trial phase.

“Much has been achieved since our inception and 2018 is poised to be a pivotal year in the company’s development.”

Net loss during half year is 90% down

During the half-year ending 31 December 2017, the company reported a net loss after tax of $496,648, down 90% on the corresponding period of 2016.

Zelda is expecting a strong flow of news during 2018 to follow the strong half year performance.

Pre-clinical research targets breast cancer

The company’s pre-clinical cancer research in Spain targeting breast cancer is progressing and generating additional data.

Zelda continues to progress its active intellectual property strategy built around this data.

In Australia, a pre-clinical research program in the area of brain cancer at the Telethon Kids Institute and pancreatic cancer at Curtin University is underway.

This has been made possible by the approval of cannabinoid material for import into Australia.

READ: Zelda Therapeutics approved for Australia’s first medicinal cannabis trial targeting insomnia

Zelda has received full regulatory approval for an insomnia clinical trial, which is expected to start during the first quarter of 2018.

It is the first of its kind in Australia to gain approval from the Human Research Ethics Committee and the Therapeutic Goods Administration, to investigate the effects of medicinal cannabis on chronic insomnia patients.

Preliminary results are anticipated by the third quarter of 2018 and if positive will progress to commercialisation activities for the formulation in various jurisdictions.

Population-based data show that about one-third of adults have regular difficulty getting to sleep or staying asleep.

READ: Zelda Therapeutics and Children's Hospital of Philadelphia to study the pharmacology of cannabinoids

Zelda has also entered into a research agreement with the Children’s Hospital of Philadelphia in the U.S. to study the pharmacology of cannabinoids in the treatment of pediatric patients.

This is an important study and potentially a key milestone in ongoing medicinal cannabis research in a clinical environment.

Trial protocols are being progressed in the company’s Chile autism clinical trial with a view to lodging these with the approving bodies in the coming quarter.

The trials are expected to start later this year.

READ: Zelda Therapeutics' US listing provides access to broader research and capital networks

Zelda recently gained approval for its shares to trade on the OTCQB Venture Market in the United States under the symbol ZLDAF.

This listing provides a new source of demand for the cannabinoid-based formulations developer’s shares from the U.S., the world’s largest market.

The OTCQB is a trading platform operated by OTC Markets Group in New York, and is home to early-stage and developing U.S. and international companies.

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