ANANDA DEVELOPMENTS
PLC
("Ananda"
or the "Company")
Management accounts for the
quarter ended 31 July 2024
Ananda Developments Plc (AQUIS:
ANA), a life sciences company focused on
the research and clinical development of CBD-based therapies for a
range of complex inflammatory pain conditions, announces its unaudited Company management statements for
the quarter ended 31 July 2024.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company are responsible for the release of
this announcement.
To stay abreast of the latest
developments at Ananda, we encourage you to follow our social media
channels which are:
·
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·
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·
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·
Twitter:
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·
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For further information, please
contact:
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Investor Hub
Engage with us directly at Ananda
Developments Investor Hub
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at investors.anandadevelopments.com
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ANANDA DEVELOPMENTS PLC
Chief Executive Officer
Melissa Sturgess
Finance
Director
Jeremy Sturgess-Smith
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+44 (0)7463
686 497 ir@anandadevelopments.com
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SP
ANGEL CORPORATE FINANCE LLP
Corporate Finance
Richard Morrison
Caroline Rowe
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+44 (0)20 3470 0470
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Corporate Broking
Abigail Wayne
Rob Rees
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Yellow Jersey PR
Charles Goodwin
Soraya Jackson
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+44 (0)20 3004 9512
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Directors Statement
Introduction
Ananda Developments Plc ("the
Company" or "Ananda") is a company quoted on the Aquis Stock
Exchange ("AQSE") Growth Market. The Company was incorporated
on 19 January 2018 and its shares were admitted to trading on 4
July 2019.
Below is a summary of activities
during the period in question and certain post-period
events.
Activities during the period
During the period
our work progressing the Phase II clinical trials investigating
Chemotherapy Induced Peripheral Neuropathy and Endometriosis was
focused mainly on preparing submissions to the ethics board at the
MHRA in advance of dosing starting. Ethics is a key step towards
dosing commencing in trial patients and for more information on
what goes on in the lead up to the clinical trial, please read our
blog, which we posted on our Hub
here. We are currently
finalising a number of other blogs that will form part of the same
series on clinical trials and clinical development. Please make
sure to sign up to our Hub so you don't miss any.
Also during the
period, we announced the encouraging results of the
pre-clinical study we ran in partnership with Robert Gordon
University. This trial investigated the use of MRX1, our patent
pending CBD-based formulation, in mice with Heart Fibrosis with
preserved Ejection Fraction ('HFpEF'). The full announcement can be
found here.
In summary;
· Administration of MRX1 has shown significant cardioprotective
effects in a mouse study, demonstrating its potential as a
treatment for patients with heart failure with preserved ejection
fraction (HFpEF).
· The research involved detailed assessments of cardiac
function, plasma CBD levels, and molecular markers of heart
failure, fibrosis, and inflammation.
· MRX1 exhibited multiple traits which indicate an effectiveness
in mitigating cardiac fibrosis and improving heart
health.
· These datas have been included in Ananda's International
Patent Application for MRX1.
· The data was presented on 25 June 2024for the first time at
the 9th Federation of European Pharmacological Societies (EPHAR)
conference in Athens.
· The successful outcomes suggest MRX1 could be a valuable
therapeutic option for HFpEF and other cardiac conditions and
Ananda is currently investigating next steps on how to bring this
promising treatment to clinical use.
Ananda also joined the Cannabinoid
Research and Development Group, which is co-Chaired by Professor
Trevor Jones and George Freeman MP. The group is developing and
executing a strategy to establish the UK as a global leader in
R&D in cannabinoid science by building a robust ecosystem -
integrating universities, research institutions, investors,
businesses, and the NHS, to advance the understanding of cannabis
and its derivatives.
Lastly, the Company
released its annual report and audited accounts to shareholders
which is available for all to read
here, the case study for CBD on
pages 7&8 are particularly worthwhile reading. The Company then
held its Annual General Meeting ('AGM') at which all resolutions
were passed. We were delighted to have so many people in the room
and online and following the proceedings of the AGM, I gave an
update presentation to shareholders which can be viewed
here.
As always, thank
you very much to the entire Ananda team for their tireless efforts
to drive the business forward and thanks also to all of our
shareholders who have given us their trust and hard earned money.
We are excited to deliver for you all.
Melissa
Sturgess
Chief Executive
Officer
Unaudited Statement of
Comprehensive Income for the quarter ended 31 July
2024
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Note
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31 July
2024
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£
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Administrative expenses
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(302,803)
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Interest payable
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(80,615)
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Loss
from operations
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(383,418)
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Taxation
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-
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Total loss for the period
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(383,418)
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Earnings per share
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Basic and diluted earnings per share
(pence)
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2
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(0.008p)
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There was no other comprehensive
income in the period.
The notes which follow form part of
these management accounts.
Ananda Developments Plc is a public
limited company limited by shares and was incorporated on 19
January 2018 with company number 13440398. Its registered
office is at 60 Gracechurch Street, London, EC3V 0HR.
The Company's shares are traded on
the Aquis Stock Exchange Growth Market under symbol ANA and ISIN
number GB00BDQPXQ60.
The information for period ended 31
July 2024 are unaudited.
Basis of preparation
These quarterly management accounts
of Ananda have been prepared in compliance with United Kingdom
Accounting Standards, including Financial Reporting Standard 102,
"The Financial Reporting Standard applicable in the United Kingdom
and the Republic of Ireland" ("FRS 102") and the Companies Act
2006.
These management accounts are
prepared on a going concern basis, under the historical cost
convention, as modified by the recognition of listed invests at
fair value.
The management accounts are presented
in Pounds Sterling, which is the Company's presentation and
functional currency.
The preparation of the management
accounts requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process
of applying the Company's accounting policies. The areas involving
a higher degree of judgment and complexity, or areas where
assumptions and estimates are significant to the management
accounts are disclosed below.
Going Concern
Ananda Developments Plc has a bank
account with Barclays Bank. For operational efficiency, it also
banks through its subsidiary companies' bank accounts DJT Plants
Ltd and MRX Global Limited. As at 31 July 2024, the Group
jointly held cash of £45,396.70. The Company continues to be funded
via an unsecured loan facility from the Chairman, Charles
Morgan.
For this reason, it continues to
adopt the going concern basis in preparing the management
accounts.
https://investors.anandadevelopments.com/link/7PRv7P