Ananda Developments Plc (AQSE:ANA) finance director Jeremy Sturgess-Smith talked with Proactive about the company's recent progress, highlighted in its interim results.
Specifically, he discussed Ananda’s advancements with its MRX1 and MRX2 formulations, emphasising the two ongoing UK-based phase III studies targeting drug-resistant epilepsy.
These studies, conducted by University College London and Great Ormond Street Hospital, are partially funded by the NHS, marking a significant collaboration that supports Ananda’s financial outlook.
Proactive: So the company is out with your interim results ending July 31st, 2024. Lots going on in that period, especially around your formulations, MRX1 and MRX2.
Jeremy Sturgess-Smith: Sure. We’ve had a momentous six and a bit months since the period started. The key event was the recent announcement about MRX2 and MRX2T—two patent-pending formulations. These are being used in two phase 3 studies here in the UK, conducted by University College London and Great Ormond Street Hospital, with funding from NHS England and the NIHR. These studies focus on two different but related forms of drug-resistant epilepsy.
Proactive: And those will provide revenue for the company, right?
Jeremy Sturgess-Smith: We do expect so, yes. We’re being paid to supply those medicines into the trial, so it won’t be a draw on the balance sheet at the very least.
Proactive: During that quarter, you also established a scientific advisory board, which seems like a key moment for the company.
Jeremy Sturgess-Smith: It is. We’re lucky to have some real key opinion leaders supporting us. Our chairman, Charles Morgan, is on the board, which is chaired by our independent non-executive director, Professor Clive Page OBE. We have Professor Trevor Jones CBE, with a strong history in pharmaceutical development, Professor Cherry Wainwright, who is the incoming chair of the British Pharmacological Association and has experience in heart research and cannabinoid studies, and finally, Professor Marie Fallon, who leads our phase 2 trial for chemotherapy-induced peripheral neuropathy.
Proactive: It sounds like a lot has been happening. To make sure you have the resources to keep up the momentum, you also did a capital raise, correct?
Jeremy Sturgess-Smith: Yes, that’s right. Earlier this year, we raised approximately £2.20 million. Most of those funds came from our chairman, Charles Morgan, and existing shareholders, although we also brought in some new shareholders. Through the Winterflood’s WRAP facility, we offered new shares to existing retail shareholders, which was well received.
Proactive: Lastly, Jeremy, looking ahead to the rest of this year and into 2025, how do these recent developments set the company up for the future?
Jeremy Sturgess-Smith: We have a lot to work on and are always busy here at Ananda. As for future preparations, we recently completed the capitalization of large amounts of unsecured debt owed to two directors, which has strengthened our balance sheet significantly. This, along with other steps, means we’re in a strong financial position for the years ahead.