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
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ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess
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 |
+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 |
+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
· 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
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 |
31 July 2024
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£ |
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|
|
|
|
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Administrative expenses |
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(302,803) |
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|
|
|
|
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Interest payable |
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(80,615) |
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|
|
|
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Loss from operations |
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(383,418) |
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|
|
|
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Taxation |
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- |
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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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|
|
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Basic and diluted earnings per share (pence) |
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2 |
(0.008p) |
There was no other comprehensive income in the period.
The notes which follow form part of these management accounts.
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Note |
31 July 2024
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£ |
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Non-Current assets |
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Investments in subsidiaries |
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2,461,506 |
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2,461,506 |
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Current assets |
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|
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Trade and other receivables |
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1,889,482 |
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1,889,482 |
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|
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Current liabilities |
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|
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Trade and other payables |
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2,943,003 |
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2,943,003 |
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Non-Current liabilities |
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Convertible loan notes |
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685,005 |
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Total assets less liabilities |
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722,980 |
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Capital and reserves |
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Share capital |
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5,756,057 |
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Share premium |
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5,328,996 |
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Share option reserve |
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50,015 |
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Retained earnings |
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(10,412,088) |
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|
|
|
|
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Total equity and liabilities |
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722,980 |
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The management accounts were approved and authorised for issue by the Board and were signed on its behalf by:
Melissa Sturgess
Chief Executive Officer
Statement of Changes in Equity for the quarter ended 31 July 2024
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Share Capital |
Share Premium |
Share Option Reserve |
Retained Earnings |
Total |
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£ |
£ |
£ |
£ |
£ |
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As at 30 April 2024 |
5,756,057 |
5,328,996 |
48,398 |
(10,028,670) |
1,104,781 |
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Loss for quarter ended 31 July 2024 |
- |
- |
- |
(383,418) |
(383,418) |
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|
|
|
|
|
|
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Share Option Expense |
- |
- |
1,617 |
- |
1,617 |
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|
|
|
|
|
|
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Balance at 31 July 2024 |
5,756,057 |
5,328,996 |
50,015 |
(10,412,088) |
722,980 |
The following describes the nature and purpose of each reserve within owners' equity:
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Reserve |
Description and purpose |
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Share capital |
This represents the nominal value of shares issued. |
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Share premium |
Amount subscribed for share capital in excess of nominal value. |
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Retained earnings |
Cumulative net gains and losses recognised in the statement of comprehensive income. |
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,
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
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
For this reason, it continues to adopt the going concern basis in preparing the management accounts.
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