Ananda Developments Plc (AQSE:ANA), the cannabinoid medicine developer, has received the funding required to launch a trial testing the group’s cannabidiol oil MRX1 and whether it is effective in treating endometriosis, a statement from the company revealed.
The company has obtained £300,000 from the Chief Scientist Office, which is responsible for funding research in NHS Scotland. The non-dilutive funding will launch the group’s endometriosis randomised controlled trial.
Melissa Sturgess, CEO of Ananda, said: "Our objective is to have MRX1 included by the NHS as an efficacious and cost-effective treatment for pain associated with endometriosis.”
Endometriosis is a disease found in around 190 million women globally and is when cells, similar to the ones found in the lining of the uterus, grow in other parts of the body.
Currently, symptoms are managed by hormonal drugs, however, only a third of women think it is effective and the treatment can often come with various side effects.
“Getting NHS funding for this trial using MRX1 is a clear statement of the importance of endometriosis as a public health issue and we believe clearly demonstrates the interest in the use of cannabidiol as a potential treatment for endometriosis and other complex chronic inflammatory pain conditions by the UK's public health bodies,” Sturgess added.
Shares in Ananda are up more than 3% on Tuesday and are trading around the 0.5p mark.