Gleneagle Gold Ltd (ASX:GLN), to be renamed Zelda Therapeutics Ltd, has successfully raised the maximum of $4 million under its prospectus offering which is part of a re-listing.
A total of 160 million post-consolidation shares were issued to new investors at $0.025 per share.
The offer closed early and over-subscribed.
The reverse takeover of Zelda Therapeutics will see the company enter the medical cannabis sector.
Funds raised are to continue with pre-clinical research and development activities, fund human clinical trials and expand the management and advisory team.
The company’s ASX ticker code will change from GLN to ZLD.
Zelda Therapeutics
Zelda was spun out of a successful US-based medicinal cannabis group - Aunt Zelda’s - that has treated hundreds of patients in California.
Zelda has exclusive, global access to an extensive set of human data related to medicinal cannabis-based formulations and treatment protocols.
This human data has been generated over several years by the Aunt Zelda’s group.
Aunt Zelda’s has a very high profile within the U.S. and a growing international profile based on its deep knowledge of the scientific rationale for certain cannabis-based formulations and protocols to treat a variety of medical conditions.
Zelda has been granted a worldwide, exclusive and perpetual licence to this data, related systems, formulations and treatment protocols by the Aunt Zelda’s group.
Zelda will use this information to design a series of Phase 2-ready human clinical trials which the company is confident will be successful given the existing patient experiences and treatment outcomes.
Medical cannabis
The U.S. medical cannabis market is projected to be valued at over US$6 billion by 2018.
Zelda has a strategic focus on the development of treatments for skin conditions, cancer and insomnia.
Zelda’s focus is on relatively low cost, short duration trials in high-value niche indications for maximum value.
This includes:
Observation trials
- Paediatric glioblastoma (brain tumour); and
- Adult glioblastoma (brain tumour).
Pre-clinical research
- Breast cancer; and
- Acute wound healing.
Clinical trials
- Insomnia;
- Acne; and
- Chronic wound healing.
ASX re-listing
The company will proceed with the formal re-admission process with the ASX and will provide an update on the indicative listing date in due course.
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