Perth-based Zelda Therapeutics (ASX: ZLD) is set to develop oral spray formulations for its cannabis medicines thanks to a deal reached with SUDA Pharmaceuticals Ltd (ASX: SUD).
SUDA will apply its proprietary OroMist oromucosal spray tech for Zelda's pharmaceutical-grade formulations under a 12-month plan, as part of the feasibility and option agreement signed by both companies.
A 24-month option provides Zelda with the exclusive right to extend the agreement and enter an exclusive global development and licensing agreement for oral spray formulations containing medicinal cannabis developed by SUDA.
"Our aim is to improve upon existing market-approved oral-mucosal formulations that have proven very effective for delivering cannabis medicines in patients," Zelda Therapeutics managing director Dr Richard Hopkins says.
"This agreement provides Zelda with an option to license a proprietary technology for oral-mucosal delivery of medicinal cannabis," he says.
"Having access to proprietary technologies strengthens our competitive position and helps accelerate our path to commercialisation."
Zelda will pay SUDA an option fee of $200,000 consisting of an upfront payment of $100,000 and a further $100,000 in downstream milestone payments. Zelda will also fund pre-agreed project expenditure.
Zelda Therapeutics Ltd is a bio-pharmaceutical company that is focused on developing a range of cannabinoid-based formulations for the treatment of a variety of medical conditions.
SUDA is a drug delivery company focused on oro-mucosal administration and is headquartered in Perth. The company is developing low-risk oral sprays using its OroMist technology to reformulate existing pharmaceuticals.
"We believe our technology can offer unique advantages compared to other routes of administration for delivering medicinal cannabis," says Stephen Carter, SUDA's CEO and MD.
Business News Australia