Ananda Pharma Exits Public Markets and NHS Epilepsy Trial to Focus on Pain Treatment Pipeline
Key Insights
Ananda Pharma (search) announced plans to delist from AQSE Growth Market and transition to private company status, citing high regulatory costs and limited liquidity that consumed resources better deployed in clinical development.
The company terminated its involvement in a landmark NHS-funded epilepsy (search) trial at UCL and Great Ormond Street Hospital (search) after contractor supply issues, allowing focus on its lead asset MRX1 for pain indications.
Phase 1 results for MRX1 showed favorable safety profile with only mild adverse events across 20 participants, supporting advancement to Phase 2 trials for endometriosis (search) and chemotherapy-induced peripheral neuropathy (search) starting Q1 2026.
Ananda Pharma (search) PLC has announced a strategic pivot away from public markets and epilepsy (search) research to concentrate resources on advancing its lead cannabinoid therapy MRX1 for pain treatment applications. The clinical-stage pharmaceutical company plans to delist from the AQSE Growth Market and re-register as a private company while focusing on upcoming Phase 2 trials for endometriosis (search) and chemotherapy-induced peripheral neuropathy (search).
Strategic Delisting to Reduce Costs
The company's board cited the failure to attract institutional capital through public listing as a primary driver for the delisting decision. Ananda estimates the move will save approximately £500,000 annually, representing roughly 25% of the company's operating expense run rate. These funds will be redirected toward core research and development programs.
"Despite our best efforts, we have not managed to gain the funding support of the public markets, so we intend to delist the Company while we progress MRX1 development and our clinical trials," said Executive Chairman Jeremy Sturgess-Smith, who has personally invested more than £10 million in the company over eight years.
The company traded with minimal liquidity, and regulatory costs consumed resources that management determined would be better deployed into clinical development. A General Meeting scheduled for December 12, 2025, will seek shareholder approval for the transition, with delisting expected to take effect on December 22, 2025.
Exit from NHS Epilepsy Trial
Ananda terminated its involvement in a high-profile NHS-funded epilepsy (search) trial at University College London and Great Ormond Street Hospital (search) after nearly four years of development. The company received formal notification from UCL that it was no longer involved in the studies following contractor supply issues with MRX2 (search) and MRX2T (search) formulations.
The trials, co-funded by the National Institute for Health and Care Research (NIHR (search)) and NHS, were designed to evaluate cannabinoid medicines in refractory epilepsy (search) across up to 500 patients at multiple NHS sites. Originally positioned as the largest trials of their kind globally, they aimed to expand beyond GW Pharmaceuticals' previous work by focusing on a broader range of epilepsies rather than just Dravet Syndrome (search) and Lennox-Gastaut Syndrome (search).
First patient dosing is now not expected before 2027, having originally been scheduled to commence this year, with readouts unlikely until 2029. Combined with intellectual property constraints in the epilepsy (search) indication, management determined that continuing involvement represented an unacceptable opportunity cost.
"While it is disappointing that the epilepsy (search) programme has stalled, this outcome allows us to focus our resources where the opportunity is strongest and the path to market is clearest," said Chief Executive Melissa Sturgess.
Positive Phase 1 Results for MRX1
Three days after announcing the delisting plans, Ananda reported favorable safety data from its Phase 1 clinical study of MRX1. The study dosed 19 participants at 2.5 mg/kg and 7.5 mg/kg twice daily for six days, with all reported treatment-emergent adverse events classified as mild (Grade 1). No moderate or severe adverse events, serious adverse events, or discontinuations occurred across the 20 participants.
The Phase 1 study was conducted through Ananda's Australian subsidiary in partnership with CRO Southern Star Research (search), with participants dosed between July and October 2025. The company expects the full clinical study report in Q2 2026 and celebrated the results as establishing Ananda as a clinical-stage biotech company.
Upcoming Phase 2 Trials
Two Phase 2 randomized controlled trials are being conducted by the University of Edinburgh with £1.55 million in funding. The endometriosis (search) trial is funded by NHS Scotland, while the chemotherapy-induced peripheral neuropathy (search) (CIPN) study receives support from NIHR (search). The company expects ethics approvals before year-end, with recruitment starting in Q1 2026.
During the six months to July 31, 2025, Ananda completed development work for MRX1, gathering two years of required stability data and producing three consistent trial manufacturing batches. A 40-liter GMP batch was manufactured for use across all three MRX1 clinical trials.
Financial Position and Funding
Ananda's most recent financial figures for the six months to July 31, 2025, showed a loss before tax of £1.95 million on revenues of £5,135. Net assets fell from £2.13 million to £295,383, with cash declining from £1.66 million to £613,000. The company reported £2.85 million in current liabilities.
The company received an R&D tax refund of AUD340,166 (£168,066) from the Australian Tax Office in November, with a further AUD500,000 expected in Q3 2026. Australia's 43.5% refundable tax rebate for eligible R&D expenditure provides valuable non-dilutive funding.
Executive Chairman Sturgess-Smith committed to maintaining quarterly communications and offering existing shareholders the opportunity to participate in future funding rounds on the same terms following the transition to private company status.