Ananda Developments Plc (AQSE: ANA), a developer of cannabinoid medicines, has secured the necessary funding to initiate a trial to test the effectiveness of its cannabidiol oil, MRX1, in treating endometriosis, according to a company statement.
The firm has been granted £300,000 by the Chief Scientist Office, the body tasked with funding research within NHS Scotland. This non-dilutive funding will set the stage for the company to commence its randomized controlled trial on endometriosis.
Melissa Sturgess, Ananda’s CEO, expressed the company’s aim: “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 medical condition affecting approximately 190 million women worldwide. It occurs when cells resembling those in the uterus lining develop in other parts of the body.
Currently, hormonal drugs are the primary means of managing symptoms of endometriosis. Nonetheless, only about a third of women find this treatment effective, and it is often associated with a range of side effects.
“Securing NHS funding for this trial using MRX1 is a significant acknowledgement of the gravity of endometriosis as a public health issue,” Sturgess commented. “We believe this clearly illustrates the interest of the UK’s public health bodies in exploring cannabidiol as a potential solution for endometriosis and other complex chronic inflammatory pain conditions.”
On Tuesday, shares of Ananda increased by more than 3% and are currently trading at approximately 0.5p.
