Ananda Developments - Quarterly Trading Statement to 30 April 2024

30 May 2024

ANANDA DEVELOPMENTS PLC

("Ananda" or the "Company")

Management accounts for the quarter ended 30 April 2024

Ananda Developments Plc (AQUIS: ANA), the company whose ambition is to be a leading provider of cannabinoid-based medicines for the treatment of chronic, complex inflammatory pain conditions, announces its unaudited Company management statements for the quarter ended 30 April 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:  

·      Investor Hub: investors.anandadevelopments.com

·      Instagram: https://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=   

·      LinkedIn: https://www.linkedin.com/company/anadevelopments/   

·      Twitter: https://twitter.com/AnandaPlc

·      Investor Meet Company: https://www.investormeetcompany.com/ananda-developments-plc/register-investor

For further information, please contact:

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

The team has been focused on advancing the two Phase II clinical trials during the period under review.  This has involved work on ensuring the supply chain for the manufacture of the investigative medicines are robust, writing the Investigator Brochure for the patent pending MRX1 CBD formulation, obtaining quotes for pharmacokinetic studies, liaising with the clinical trial teams at the University of Edinburgh and discussing strategy with regulatory and market access advisors.  We want to ensure the clinical trials progress in a way that is most likely to lead to marketing authorisation and NHS uptake.  Post period end we posted on our Hub here a blog describing the work that is required up to dosing first patients in a clinical trial.

During the period under review we also announced the formation of Ananda's Scientific Advisory Board.  Chaired by Ananda's non-executive director Professor Clive Page, we are fortunate to have the added guidance of Professor Trevor Jones and Professor Cherry Wainright as we work towards our objective of delivering licenced CBD drugs to the NHS to treat complex chronic inflammatory pain conditions.  Post the reporting period, Ananda held its first Scientific Advisory Board meeting at the Royal College of Surgeons in Edinburgh.  It was an opportunity to discuss each trial in detail and the Company's plans for further trials and receive feedback and input from specialist scientists. It was a very constructive day.  

During the period Ananda Developments Plc opened a bank account with Barclays plc.  It also continues to use subsidiary bank accounts for operational reasons.

By collaborating with leading, respected researchers, we believe we are best positioned to secure NHS availability for our patent-pending CBD based medicines. Throughout this period, we maintained active communication with our shareholders, providing updates and engaging through our Investor Hub. This hub facilitates access to company news, market data, and allows us to respond directly to shareholder questions.  Please sign up for the Investor Hub here.  In a similar vein, on 26 February Ananda's FD, Jeremy Sturgess-Smith, and I attended the Master Investor Show in London to meet and network with investors. The day was excellent and to read more about the day (and watch Jeremy's presentation, click here). Similarly, we were also present at the LSX World Congress two-day event in London in early May at which Jeremy also presented and this presentation (slides only) is available here.

Melissa Sturgess

Chief Executive Officer

Unaudited Statement of Comprehensive Income for the quarter ended 30 April 2024

There was no other comprehensive income in the period.

The notes which follow form part of these management accounts.

Statement of Financial Position As at quarter ended 30 April 2024

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 30 April 2024

The following describes the nature and purpose of each reserve within owners' equity:

The notes which follow form part of these management accounts.