Zelira Therapeutics shares more than doubled in value after the company locked in a US$32.98 million (A$49.28m) capital injection into its HOPE 1 special purpose vehicle (SPV).
The deal was struck with biotechnology fund ThirdGate Capital, which will own 50% of the HOPE 1 SPV, while Zelira retains 39.7%. The balance is held by existing investors and management.
HOPE 1 is Zelira’s lead cannabinoid-based drug candidate for Phelan-McDermid Syndrome, a rare genetic subset of autism.
The cash injection gives the SPV a post-money valuation of US$65.96m (A$98.57m).
The market reacted sharply to the announcement, with Zelira shares on the ASX climbing from an opening price of $0.42 on Friday morning to $0.95 by Monday afternoon – a gain of more than 120%.
Zelira chief executive Dr Oludare Odumosu said the capital would fully fund the company’s accelerated US Food and Drug Administration development pathway for the medicine.
“This transformative fundraising directly into the HOPE 1 SPV represents
a compelling endorsement of our vision, our science, and the significant
potential of HOPE 1,” he said.
ThirdGate Capital senior partner Cynthia Parrish added the firm was excited to partner with Zelira to progress HOPE 1 through the FDA approval process.
“The compelling real-world patient data, combined with the clear regulatory pathway…
gives us confidence in HOPE 1’s potential to address a significant unmet need for patients with Phelan-McDermid Syndrome and autism spectrum disorder,” she said.
The fundraising was expected to formally close by 31 January 2026.