Zelira Therapeutics Enters Agreement with Cardiovascular Solutions of Central Mississippi to Develop Products Addressing Health Risks in Patients with Peripheral Arterial Disease and Diabetic Neuropathies
PHILADELPHIA, PA – July 22, 2020 /AxisWire/ – Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF), a global leader in the development of clinically validated cannabis medicines, is pleased to announce it has entered into a binding agreement with US-based Cardiovascular Solutions of Central Mississippi to develop products that target symptoms and health risks related to cardiovascular disease and diabetes. According to the Agreement, Zelira will develop exclusively for CVSCM novel, hemp-derived formulations of CBD and other cannabinoids to address a range of therapeutic needs associated with Peripheral Arterial Disease (PAD) and Diabetic Neuropathies (DPN).
Under the Agreement, Zelira will receive an upfront licensing fee, which is consistent with previous licensing agreements reported, together with royalties on the commercialized products that result from the Agreement. CVSCM has exclusive marketing rights to the USA market and Zelira retains rights for all other markets, ex-USA.
Diabetes is at the center of an American health crisis, and is the leading cause of kidney failure, lower limb amputations and adult blindness, according to the CDC, For the 30 million Americans who suffer from diabetes, 1 out of 3 over the age of 50 will develop PAD, which is the #1 cause of non-traumatic amputations. DPN is the most common complication associated with diabetes and is a leading cause of disability due to foot ulcerations, fall risks and can lead to infection and limb amputation.
Dr. Foluso Fakorede, CEO of CVSCM said “We are delighted to partner with Zelira, one of the world’s leading clinical medical cannabis companies, to pursue new and effective treatment options for PAD –Diabetes associated peripheral neuropathies. Our goal for this partnership is to promote the prevention and treatment of cardiovascular disease in all patients and to achieve health equality for marginalized communities through implementation of applications that address unmet needs.”
Dr Oludare Odumosu, CEO & Managing Director USA for Zelira said “Our partnership with CVSCM is in line with our mission to target indications where cannabinoid-based medicines can be used as safe, effective and accessible options. This collaboration represents the first of its kind in this field and allows us to focus on the impact of PAD on quality of life for patients. Dr. Fakorede and the CVSCM team have led the way in reducing rates of amputations in the Mississippi area through intervention and education on the risks and burden of PAD. Zelira is proud to bring our scientific product development expertise to this unmet need and expands our reach into new indications and markets.”
See full announcement here: https://www.asx.com.au/asxpdf/20200722/pdf/44kqv4ktffqjx3.pdf
This agreement expands and complements Zelira’s strategic interests in cardiovascular indications while maintaining focus on the global launch of its proprietary Zenivol™ and HOPE™ products.
About Zelira Therapeutics
Zelira Therapeutics Ltd is a leading global therapeutic medical cannabis company with access to the world’s largest and fastest growing cannabis markets. Zelira owns a portfolio of proprietary revenue generating products and a pipeline of candidates undergoing clinical development that are positioned to enter global markets from 2020. The company is focused on developing branded cannabis products for the treatment of a variety of medical conditions.
The Company has developed two proprietary formulations (HOPE™) already launched and generating revenues in Pennsylvania, has laboratory capabilities to develop formulations in Pennsylvania and Louisiana with ability to conduct clinical trials and is establishing a national footprint across the US for the licensing of its products.
Cardiovascular Solutions of Central Mississippi is a center of excellence in the heart of the Mississippi Delta founded in 2015 to bridge the gap in cardiovascular health disparities that have long plagued the region. It became the first cardiovascular minority physician-led comprehensive outpatient-based clinic and procedural center in the state of Mississippi and has treated over 10,000 patients while aiming to reduce geographic disparities in access to care. The CVSCM team has become the gold standard for PAD advocacy with a purpose driven mantra to impact the lives of all underserved communities by demanding a clarion call to action on behalf of the voiceless while seeking disruptive therapies that will ultimately bridge treatment gaps in addressing health care inequities.
Zelira Therapeutics Media U.S. Contact:
GVM Communications, Inc.