- Zelira Therapeutics (ZLD) expands into Germany via a five-year distribution agreement
- The agreement with Adjupharm, a German-based subsidiary of IM Cannabis Corp, allows ZLD’s cannabinoid-based insomnia medication, Zenivol, to be distributed from September 17
- To retain exclusivity, Adjupharm must purchase an annual minimum quantity of Zenivol, totalling over $4 million
- Adjupharm says it will file for formal German government reimbursement for its sales of Zenivol, which will mark the first time a Zelira product will receive formal government reimbursement, if successful
- Zelira Therapeutics last traded at 3.7 cents on September 17
Zelira Therapeutics (ZLD) has expanded into Germany via a five-year distribution agreement.
The agreement with Adjupharm, a German-based subsidiary of IM Cannabis Corp, will see Zelira’s cannabinoid-based insomnia medication, Zenivol, distributed into the German market.
The agreement took effect on 17 September and allows Zelira to supply finished dosages of Zenivol from Australia to Germany. To retain exclusivity, Adjupharm must purchase an annual minimum quantity of Zenivol, totalling over $4 million.
“This is the first distribution agreement for one of Zelira’s Rx products outside of the US and Australia, and further validates the pharmaceutical quality of our Australian production capabilities, and the safety and efficacy of our clinically validated cannabinoid-based medicines,” Zelira Therapeutics Managing Director Oludare Odumosu said.
Zelira claims Germany is one of the world’s largest and fastest growing markets for cannabinoid-based medicines, which saw medical cannabis products worth more than 75 million euros (around A$141 million) sold in the first half of 2020.
Adjupharm says it will be filing for formal German government reimbursement for its sales of Zenivol. If its application is granted, this will mark the first time a Zelira product will receive formal government reimbursement.
The distribution agreement follows a publication by the University of Western Australia research team’s results from its double-blind, placebo controlled trial of Zenivol in chronic insomnia patients in the peer-reviewed journal, SLEEP.
“The positive results published in SLEEP from the University of Western Australia’s clinical trial will underpin patient and pharmacy interest in the product as we distribute it through pharmacies and pharmacy wholesalers in Germany,” Adjupharm Chief Executive Officer Richard Bella said.
Zelira Therapeutics last traded at 3.7 cents on September 17.