The Australian-based bio-pharmaceutical company, which is developing a range of cannabinoid-based formulations for the treatment of a variety of medical conditions, received the refund under the Federal Government’s R&D Tax Incentive Scheme.
This scheme is an Australian Government program under which companies receive cash refunds for 43.5% of eligible expenditure on research and development.
The funds will be used to advance Zelda's current clinical trial and pre-clinical programs and also to accelerate plans to launch products into the market following the proposed merger with Ilera Therapeutics Limited.
The company, led by executive chairman and co-founder Harry Karelis and managing director Dr Richard Hopkins, hopes to become a medicinal cannabis sector “disruptor” with its proposed merger with privately-held US-based Ilera.
This combined entity would be called Zelira Therapeutics if shareholders agreed to the all-scrip transaction on November 28, 2019, and any sale conditions were met.
Development products from the combined entity would be expected to hit the market from 2020.
Pennsylvania-based Ilera has revenues from a number of HOPE brand cannabis formulations already launched in the US state.
The proposed buy-up can market the products in other US states and markets outside the North American country.
Zelda expects a Zelira dermatology subsidiary would also produce dermatology products created by board-certified cosmetic dermatologist Dr Karyn Grossman for the retail and cannabis regulated markets following the merger.
A merger of Zelda and Ilera is likely to be completed by mid-December 2019 if Zelda shareholders agree at an upcoming shareholder vote this month.
Zelda Therapeutics will hold its annual general meeting in Western Australia at Blackwall Legal at 140 St Georges Terrace, Perth on November 28, 2019 at 10am Western Standard Time (1pm EDST).