Zelda Therapeutics Ltd. has entered into a feasibility and option agreement with SUDA Pharmaceuticals Ltd. to develop novel oral spray formulations to deliver Zelda's pharmaceutical-grade cannabis medicines. Under the 12-month workplan, SUDA will apply its proprietary OroMist® oro- mucosal spray technology to deliver Zelda's pharmaceutical-grade cannabis formulations. The 24 month option provides Zelda with the exclusive right to extend the Agreement and to enter into an exclusive global development and licensing agreement for oral spray formulations containing medicinal cannabis developed by SUDA.

Zelda will pay SUDA an option fee of $200,000 consisting of an upfront payment of $100,000 and a further $100,000 in downstream milestone payments. Zelda will also fund pre-agreed project expenditure.