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.
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.
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.
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.