Zelda Therapeutics (ASX:ZLD) has entered a feasibility and option agreement with SUDA Pharmaceuticals (ASX:SUD).
The agreement will focus on the development of novel oral spray formulations to deliver Zelda’s pharmaceutical-grade cannabis medicines. SUDA is a global leader in oro-mucosal drug delivery.
Under the 12-month work plan, SUDA will apply its OroMist oromucosal spray technology to deliver Zelda’s pharmaceutical-grade cannabis formulations.
The 24-month option provides Zelda with the exclusive right to extend the agreement and enter into an exclusive global development and licensing agreement for oral spray formulations containing medicinal cannabis developed by SUDA.
According to Zelda's managing director Dr Richard Hopkins, “Our aim is to improve upon existing market-approved oral-mucosal formulations that have proven very effective for delivering cannabis medicines in patients.
"This agreement provides Zelda with an option to license a proprietary technology for oral-mucosal delivery of medicinal cannabis. Having access to proprietary technologies strengthens our competitive position and helps accelerate our path to commercialisation.”
SUDA’s managing director Stephen Carter said, “We are delighted to be working with Zelda on this project. We believe our technology can offer unique advantages compared to other routes of administration for delivering medicinal cannabis.”
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.