Ananda Developments PLC on Wednesday said that it has signed a contract with Southern Star Research Pty Ltd to carry out a clinical trial investigating its MRX1 asset.

The London-based life sciences company is focused on the research and clinical development of cannabinoid-based therapies for a range of complex inflammatory pain conditions. Southern Star Research is an Australian contract research organisation.

Together, the pair have agreed to carry out a phase one clinical trial, investigating the pharmacokinetic profile, tolerability and safety of Ananda’s lead investigative asset, MRX1.

MRX1 is an oil based, orally administered drug candidate. It is to be used in two phase two clinical trials, the first evaluating MRX1’s efficacy in treating chemotherapy induced peripheral neuropathy, and the second evaluating efficacy and retention in endometriosis patients.

The study will dose 20 healthy volunteers with MRX1, and will be run in Australia, which poses ‘significant financial advantages’.

The data generated will inform future clinical trials in patients and form an integral part of any future regulatory applications, including with the Medicines & Healthcare Regulatory Agency in the UK, or Food & Drug Administration in the US.

‘This study represents a significant milestone in MRX1’s journey to market, providing us with key data for MRX1’s licensed drug development. Working with an excellent company such as Southern Star Research is a reflection of the high quality of work produced by the Ananda team,’ said Chief Executive Officer Melissa Sturgess.

‘Southern Star Research’s deep expertise in clinical research, particularly in the field of cannabinoids, will complement our own capabilities and accelerate the development of MRX1. We all look forward to updating shareholders as we progress through the deliverables on this project.’

Shares in Ananda Developments last traded at 0.31 pence each in London on Tuesday afternoon.

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