Importantly, it has also established the foundations to commercialise its medicinal cannabis products in the event the clinical programs are successful.
Zelda remains on-track to report on the outcome from its clinical trials for insomnia, autism and opioid reduction by mid-2019.
The company is also continuing to assess opportunities to expand its clinical programs where they align with its strategic objectives.
Finally, Zelda is progressing discussions with third parties aiming at securing agreements to distribute clinically-validated Zelda products globally.
Zelda closed the December quarter with a cash position of $4.41 million and is forecasting expenditure of $1.4 million (including $980,000 on R&D) in the current March quarter.
The increase in R&D expenditure reflects an expansion to the company’s clinical trial activities and additional costs associated with management of its growing intellectual property portfolio.
Harry Karelis steps back from executive role, remains chairman
Zelda’s chairman Harry Karelis said: “This move marks a key step in Zelda’s strategic plan to position the company for success as it enters into the clinical trial and commercialisation phases of its development.
“With the recent appointment of Dr Richard Hopkins as managing director, along with key additions to our Medical Advisory Board and operational team, the time is right for me to step-back from the executive role, as we intended.
“In my ongoing role as chair, I will continue to work with my colleagues on the Zelda Board and the executive team to ensure we deliver on our key milestones.
“With a number of clinical trials underway and our path to commercialisation well advanced, this promises to be a transformational year for the company.”