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Zelda Therapeutics founders commit to not selling their shares

The company is focused on developing a range of cannabinoid-based medical treatments.
lock and key
The voluntary escrow demonstrates an alignment with shareholder interests

Zelda Therapeutics Ltd (ASX:ZLD) has received a vote of confidence from a group of directors who have committed to not sell their shares and options coming out of escrow for a further 12 months.

The relevant directors - Messrs Karelis, Washer, Peterson and Ms Mara Gordon, collectively known as the Founders, are demonstrating their belief in the company’s future.

The relevant shares and options are being released from their 24-month escrow on 22 November 2018.

The Founders’ voluntary lock-up commitments represent 220.26 million shares and 20 million unlisted options.

READ: Zelda Therapeutics to focus on US and Australia clinical trials

Zelda’s chairman Harry Karelis said: “Since founding the company in 2015, the Founders have worked hard to position Zelda at the forefront of the burgeoning global medicinal cannabis industry.

“We have established a number of collaborations with globally recognised institutions and commenced our clinical trial activities.

“We are excited by the potential for company transformational milestones being achieved over the next year.

“Voluntarily extending our escrow term clearly demonstrates our long-term commitment to the company.”

Founders interests aligned with shareholders

Zelda’s managing director Dr Richard Hopkins added: “By agreeing to a voluntary escrow, the Founding Directors have demonstrated their interests are aligned with all shareholders.

“The Founders are to be commended for their decision, which sends a strong positive signal regarding the longer-term future of the company.”

Dr Hopkins formally commenced as managing director with the Zelda on 16 July 2018.

Preliminary autism trial results are expected in the first half of 2019

In the recent September quarterly report Dr Hopkins said: “We are delighted to have commenced the insomnia and autism trials, which represents a significant landmark for the company.

"This was complemented by the strategic partnership with HAPA, which provides Zelda with access to one of the world’s most significant markets for medicinal cannabis.

"The fact that HAPA are one of the few suppliers in the world who can manufacture to EU-GMP standards provides Zelda with a huge competitive advantage.

"With the results of the clinical trials expected during the first half of 2019, we are now well positioned to continue leveraging our strong strategic position into global markets.”

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