Here’s the press release in full
(MENAFN – ProactiveInvestors – Australia) Harry Karelis, chairman, Zelda Therapeutics Pty Ltd
Gleneagle Gold Ltd (ASX:GLN) is well-advanced in its transition into the medical cannabis sector, as it progresses the reverse takeover of Zelda Therapeutics, a California-based biotechnology company.
Zelda has secured exclusive, global access to an extensive set of human data related to medicinal cannabis.
Zelda has now raised AU1.05 million via the issue of convertible notes, ahead of its proposed acquisition by Gleneagle and listing on the Australian Securities Exchange.
These funds were raised from certain professional and sophisticated investors, including cornerstone investor, the Merchant Opportunities Fund.
Harry Karelis, chairman for Zelda, commented:
“We are delighted that Zelda has received such strong support from key investor, Merchant Group highlighting the significant opportunity to be a leader in this fast moving and emerging sector.
“Our focus is clearly on designing and conducting world-class trials to generate the clinical data demanded by regulators.
“Our activities should help to breakdown the barriers to providing increasing access to patients in need.”
Under the terms of the issue, the convertible notes automatically convert into ordinary shares at a 20% discount to the prospectus capital raising price as part of the recompliance listing process.
The notes form part of a broader equity raising that will fund the company’s planned clinical trial program and research initiatives, including key clinical trials in sleep disorders (insomnia) and certain dermatology indications (acne).
Funding will also be for pre-clinical research in certain cancer indications with leading global groups including Complutense University Madrid.
Zelda’s growth strategy will be focused on developing existing products.
This means completing phase 2 clinicatrials in dermatology indications and insomnia. It also means completing Spanish preclinical research in cancer.
Zelda will then outlicense products with successful phase 2 results.
The secondary growth strategy will be expanding trials into new diseases and territories, which may come through partnerships.
A broad range of medical indications have been shown to be alleviated by medical cannabis
Zelda will also be looking at opportunities to merge and/or acquire as well as in-license new extracts for clinical testing and validation.
Zelda has secured a number of partnerships with leaders in cannabis medicine.
It has an exclusive patient data access agreement in place with Aunt Zelda’s, a pioneering, datadriven developer of cannabisbased medicines.
A manufacturing agreement is in place with AusCann, an Australian company working with one of the largest medical cannabis groups in the world to supply clinical trial material.
Zelda has a partnership with New Frontier, the leading cannabis data company based in the U.S. for data sharing.
Zelda also has exclusive access to CDRMed for clinical trial use, which is software which creates optimal formulations of medicinal cannabis based on the Aunt Zelda’s database.
Finally, a partnership is also in place with the prestigious Complutense University Madrid for preclinical research in cancer.
The application of medical cannabis in modern medicine is still growing and represents a diverse global opportunity.
Partnerships with New Frontier, CDRMed and Aunt Zelda could provide for the acceleration to phase 2 efficacy clinical trials.
Today’s news shows strong investment support into the sector.
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