Shares in Zelira Therapeutics jumped 9% in Monday morning trading after its chairman, Osagie Imasogie, agreed to loan the company US$1.4 million (A$2m).

The funds will be used as working capital and to support the firm’s clinical trial of its HOPE medicine in the treatment of autism.

The loan, which is subject to shareholder approval, is to be repaid in cash in June 2026 with Zelira paying 20% interest per year.

Zelira said it considers the loan to be on terms “favourable to the company considering current market and economic conditions”.

Shares climbed to $0.305c, up 9%, giving Zelira a market capitalisation of $3.17m.

Ecofibre

Ecofibre has named textile executive Ulrich Tombuelt as its managing director and chief executive following the departure of Eric Wang late last year.

North Carolina-based Tombuelt has spent the last five years as CEO of textile specialist Sattler.

Ecofibre chair Vanessa Wallace said his sales experience and people leadership skills “are what Ecofibre needs”.

Interim CEO John Foley will remain with the company as an advisor.

Cann Group

Cann Group has received a final A$1.65 million payment from Biortica Agrimed following the sale of “surplus” equipment announced in March.

Biortica has already paid $200,000 in smaller instalments.

Chief executive Tom Varga said the deal demonstrated Biortica’s commitment to “work closely with partners for the mutual benefit of all”.

Shares in Cann Group climbed 7% to $0.030 in Monday morning trading. The firm has a market capitalisation of $12.48m.

InhaleRx

A phase 1 study to test the safety, tolerability and pharmacokinetics of InhaleRx’s cannabinoid drug candidate, IRX211, has produced “highly encouraging” results, the company has said.

IRX211 is a cannabinoid drug, dronabinol, delivered via inhalation in a fixed dose designed to provide rapid relief from breakthrough cancer pain.

The trial, involving 24 healthy participants, examined various doses to identify the optimal dose for a phase II trial.

InhaleRx said the treatment was well-tolerated at all tested doses with no dose-limiting toxicities. The pharmacokinetics profile also supports progression to the next phase of clinical development, the firm told the ASX.

The company will now work towards a phase II trial to assess the safety and efficacy of IRX211 in a larger patient population. An ethics submission is expected to be lodged early this quarter.

Chief executive Darryl Davies described the phase 1 results as “important milestones” for InhaleRx.

Argent biopharma

Argent Biopharma has raised US$500,000 (A$750,000) under a share placement that has valued each share issued at a 400% premium to the 15-day average.

The company, formerly MGC Pharma, has issued 625,000 ordinary shares to a sophisticated investor, valuing each share at A$1.20.

Argent’s 15-day volume-weighted average price was $0.30c prior to entering a trading halt last Friday.

Chief executive Roby Zomer said the premium demonstrated confidence in the company and “underscores our pipeline’s potential and our commitment to advancing innovative treatments for unmet medical needs”.

“This raise will allow the company to continue the development of our key drug candidates, CannEpil and CimetrA,” he said.

Melodiol Global Health

Melodiol Global Health has reported unaudited revenue of A$4.8 million in the three months to June, up 9% on Q1.

It takes the firm’s half year revenues to $9.3m, 31% higher than the previous corresponding period.

Health House International generated $2.8m during Q2 with Mernova accounting for $2m.

Chief executive and managing director William Lay said Melodiol would continue to focus on both divisions in the hope of achieving profitability “as quickly as possible”.

Wellnex Life

Wellnex Life chair Mario Tascone has resigned due to increased commitments as a director of Chemist Warehouse. He will continue to be available to the board as required, while Wellnex looks for a replacement.

The firm told the ASX it is currently interviewing candidates for the role and expects to make an appointment imminently.

Steve has reported for a number of consumer and B2B titles over a journalism career spanning more than three decades. He is a regulator contributor to health journal, The Medical Republic, writing on...

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