Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF) has received a cash refund of A$1.292 million under the Australian Federal Government’s Research and Development Tax Incentive Scheme.
The funds received will be used to support Zelira’s portfolio of products recently launched in global markets and to advance its ongoing clinical development programs.
Tax incentive scheme
The R&D Tax Incentive Scheme is an Australian Government program under which companies receive cash refunds for 43.5% of eligible expenditure on research and development.
Ongoing programs
The funds will be used to support the growth in recently launched products including Zenivol™ for insomnia, HOPE™ for autism and a new CBD-toothpaste into global markets.
They will also go towards advancing Zelira’s ongoing clinical and product development programs.
DRCN Licensing fee
Earlier this week, Zelira reported that it had received $250,000 of its upfront non-refundable, non-contingent licensing fee of US$1 million from DRCN Holdings LLC, with the remaining US$750,000 expected to be received in the first quarter of 2022.
The company had successfully demonstrated enhanced dissolution of cannabinoids using its enhanced distillate capture and dissolution matrix (EDCDM) and signed a foundation licensing deal for this proprietary technology.
Zelira
The global biopharmaceutical company owns a portfolio of proprietary revenue-generating products and a pipeline of candidates undergoing clinical development that are positioned to access the world’s largest and fastest-growing markets.
Zelira is focused on developing and clinically validating branded cannabinoid-based medicines for the treatment of a variety of medical conditions in its prescription business, including insomnia, autism and chronic non-cancer pain as well as offering over-the-counter (OTC) products.
The company has two proprietary formulations under the HOPE™ brand that are generating revenues in Australia, Louisiana and Washington D.C. with other states in the US expected to follow.