Zelda Therapeutics, a biotech developing medical cannabis therapies, is doing a backdoor ASX listing through junior miner Gleneagle Gold.
The listing includes a $4 million equity raising at $0.025 a share.
Zelda Therapeutics, an offshoot of Californian company Aunty Zelda’s, plans to open on the ASX in mid-October.
It joins ASX-listed MGC Pharmaceuticals and MMJ PhytoTech in efforts to build a local Australian medical cannabis industry.
The next clinical trial Zelda will run in Australia is to find out if medical cannabis oil placed under the tongue can help cure insomnia.
“We are testing the effectiveness of our specific sleep formulation on insomnia in general,” says co-founder Stewart Washer
“Based on the data we already have from our Californian use of our sleep medicine, we expect to see an improvement in time to get to sleep, less wakening moments during the night and an improved sleep cycle resulting in a better rested state and waking up feeling refreshed.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.