Blake Insomnia Therapeutics Inc (OTCMKTS:BKIT) started off the ride into 2017 with the fundraising drive so as to resource its Phase II clinical testing of the ZLX-1 compound. This patent-pending ZLX-1 compound is targeted towards managing and treating stress-related insomnia. So as to raise funds, the company also created its own list for desired investors. Blake Insomnia Therapeutics Inc, then decided to approach these investors to put in their money for the progress of ZLX-1 compound Phase II clinical testing.
About the Phase II clinical testing of ZLX-1 compound
The clinical testing at this stage is crucial for the company since it is trying to figure out a range of permutations and combinations to decode the most potent treatment that will give the desired effect. For this matter, the company has decided to find out about different dosages and combinations. The need for this occurs because ZLX-1 patent application includes a range of active ingredient combinations.
The company has estimated that the Phase II clinical testing of ZLX-1 compound shall demand as high as $5 million, approximately. After the company has successfully completed this Phase II trial, it would seek fundraising for $10 million, meant for its Phase III testing.
The fund required for final FDA approval
As per the company’s plan, Blake Insomnia Therapeutics Inc will also require additional $10 million to complete Phase III of this trial. This is important to seek FDA approval. During the third phase of trial, the company shall work with widespread testing of compounds so as to calculate and explore a range of side effects.
The company CEO, Birger Jan Olsen believes that the clinical testing of ZLX-1 compound for managing and treating stress-related insomnia is moving ahead in the right direction, as per the plan. The company hopes to bring more investors on the platform and desires to achieve the set goal for Phase II clinical testing.
He concluded, “We remain optimistic that we will be able to complete the clinical phase quickly, so we can bring this promising therapy to market.”