Zelira Therapeutics Ltd ZLD ZLDAF, a developer of cannabinoid-based medicines, will conduct FDA Phase 2 and Phase 3 clinical trials for its HOPE-1 treatment of Autism Spectrum Disorder (ASD).
Cantheon Capital LLC agreed to provide an initial $8.6 million in funding to Zelira to conduct FDA clinical trials.
The investment represents approximately 25% of the total $35 million needed to cover the U.S. Food Drug Administration trial costs.
“As global investors in this space, we are excited to have the opportunity to fund a product that already has a considerable amount of real-world data for safety and efficacy, with millions of doses having been dispensed to patients over several years before the start of formal FDA clinical trials,” Cantheon’s Aaron Ray said.
Additionally, Zelira will get 55% equity ownership of a special-purpose vehicle while cash investors get a 45% equity interest.
Zelira is partnering with a research organization, iNGENū, for what the company hopes will be “a successful clinical trial” that results in the U.S. FDA approval of HOPE 1 as “a frontline solution for patients living with ASD,” Zelira Managing Director Oludare Odumosu explained.
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