TIDMANA
RNS Number : 8736K
Ananda Developments PLC
31 August 2023
31 August 2023
ANANDA DEVELOPMENTS PLC
("Ananda" or the "Company")
Shareholder Update
Ananda Developments plc (AQSE:ANA), a company developing
cannabinoid medicines for the treatment of chronic inflammatory
pain conditions, provides the following corporate update.
Highlights
-- The Chief Scientist Office, responsible for funding research
in NHS Scotland, has been confirmed as the funder of the
endometriosis randomised controlled trial ("RCT") using MRX1.
-- Ananda is pursuing additional investigator led RCTs
(Randomised Controlled Trials) evaluating MRX products in
inflammatory pain conditions.
-- Medical cannabis plant cultivation trials complete.
-- Medical cannabis genetic breeding programme reached third
generation of plants. Breeding protocol fully established.
-- MRX1 and MRX2 cannabidiol medicines available for sale via UK based specials pharmacies.
MRX: cannabinoid unlicensed medicines
MRX1 has been selected to be used in two Phase 2 RCTs being
conducted by leading clinicians from The University of Edinburgh.
Drug supply agreements are being finalised and the MRX1 formulation
is undergoing stability trials ahead of patient recruitment.
Stability trials are being undertaken to align with the test
method, outlined in the EU Pharmacopoeia, that will come into force
in the EU in July 2024. Ananda expects these methods to apply in
the UK at that time. The MRX medicines are being manufactured for
the RCTs by a contract manufacturing organisation (CMO), using
externally sourced GMP (Good Manufacturing Practice) grade active
pharmaceutical ingredients (APIs).
The endometriosis trial will assess the efficacy of MRX1 in the
management of pain in 100 patients with endometriosis.
The CIPN (Chemotherapy Induced Peripheral Neuropathy) trial will
assess the properties of MRX1 in affecting pain and mood in 100
patients who have CIPN.
The Company has commenced discussions with key clinical
investigators for further RCT's using MRX1 for the treatment of
other chronic inflammatory pain conditions, including a possible
trial for fibromyalgia. NICE (The National Institute for Clinical
Excellence) has made the clinical and cost effectiveness of
cannabidiol for fibromyalgia a key recommendation for research.
MRX1 and MRX2 cannabidiol medicines were launched in the UK as
unlicenced medicinal products or specials at the end of July.
Currently the oils are on the list of prescribable medicines of
three private pain and medical cannabis clinics in the UK.
Ananda's objective is to obtain MHRA (Medicine and Healthcare
products Regulatory Agency) licences for the medicines so that they
can be prescribed in the NHS for the specific conditions which
would likely result in wider use of the Company's cannabidiol
medicines.
DJT medical cannabis ower, cultivation, and processing
DJT's 2023 medical cannabis cultivation trials are now complete.
The trials have proven that the low capital, low operating cost
cultivation model delivers premium quality medical cannabis flower.
A large database of detailed standard operating procedures and
protocols has now been developed. The next step towards producing
medical cannabis flower for sale in the UK is to construct a GMP
manufacturing facility. Ananda does not currently see sufficient
demand for cannabis flower in the UK to justify the required
capital expenditure so headcount at the Lincolnshire facility has
been reduced. Ananda will continue to monitor market demand for
cannabis flower before, subject to funding, progressing
construction and licencing of a GMP facility. Ananda sees potential
for the DJT facility to be used to supply cannabinoid APIs for its
own MRX medicines.
DJT Genetics Programme
The genetics programme has delivered third generation seeds with
at least 87.5 per cent. homogeneity. DJT has created and documented
the proprietary breeding protocols. DJT intends to use these in
partnership with a university genetics department to obtain access
to third party grant funding to progress the programme to the sixth
generation. Following which, it would commence field trials with
the resulting plants. The Company will begin applying for
government-backed grant funding opportunities as soon as the
relevant annual grant calls are published. Collectively, the impact
of these decisions at DJT Plants has been a reduction of
approximately GBP60,000 per month of operating expenses for the
group.
Ananda's CEO, Melissa Sturgess, commented: "The response to the
announcement earlier this month that the endometriosis trial is
being funded by NHS Scotland has been extraordinarily encouraging.
Suddenly, we are experiencing awareness that a cannabinoid medicine
has the potential to be a mainstream licenced medicine for this
condition which affects more than 190 million women globally.
"The decision to pause medical cannabis flower operations at DJT
Plants until there is a clear path to a profitable operation is the
right one. It has resulted in the development of an innovative and
cost-effective strategy to pursue the breeding programme with grant
funding, which reduces Group costs significantly and gives us the
agility and flexibility required to properly pursue the clinical
trials with the aim of NHS acceptance."
To stay abreast of the latest developments at Ananda, we
encourage you to follow our social media channels which are:
-- Instagram: htps://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=
-- LinkedIn: htps://www.linkedin.com/company/anadevelopments/
-- Twitter: htps://twiter.com/anandaplc?s=21&t=9yeIC_xYCfzgDn7j26sfuA
-Ends-
The Directors of the Company accept responsibility for the
contents of this announcement.
ANANDA DEVELOPMENTS PLC +44 (0)7463 686 497
ir@anandadevelopments.com
Chief Executive Officer
Melissa Sturgess
Finance Director
Jeremy Sturgess-Smith
SP ANGEL CORPORATE FINANCE LLP +44 (0)20 3470 0470
Corporate Finance
Richard Morrison
Harry Davies-Ball
Corporate Broking
Abigail Wayne
Rob Rees
About Ananda Developments
Ananda is an AQSE-listed company whose ambition is to be a
leading provider of cannabinoid-based medicines for the treatment
of complex, chronic inflammatory pain conditions.
For more information, please visit:
https://anandadevelopments.com/
Market Abuse Regulation (MAR) Disclosure
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the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
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END
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August 31, 2023 02:00 ET (06:00 GMT)
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