Quarterly Report
Brisbane, April 30, 2019 AEST (ABN Newswire) - Anatara Lifesciences Ltd (
ASX:ANR) is pleased to release its Appendix 4C for the quarter ending 31st March 2019. The Company's cash plus term deposits at the end of the quarter stood at $6.4m, incorporating receipt of the 2017-2018 $1.249m R&D tax refund which was received on 14th January 2019. On 31st March 2019, the Company had cash at bank of $1,395,664 and $5,050,000 in term deposits. Expenditure during the quarter was lower than forecast.
On 7th February 2019, the Company reported positive efficacy data from in vitro Proof of Concept (PoC) studies of its Gastrointestinal ReProgramming (GaRP) dietary supplement which has been specifically developed to improve and maintain gastrointestinal health. The data demonstrated a high level of efficacy which was sufficient to compel Anatara to take GaRP into human observational trials in Irritable Bowel Syndrome (IBS) and mouse preclinical studies in Inflammatory Bowel Disease (IBD).
Anatara has expanded its Product Development Advisory Board with additional leading gastroenterologists with clinical research experience to assist the Company in developing a protocol for a human clinical study in IBS patients. This study is anticipated to start in the second half of 2019.
The Company continued an active market awareness program during the period. In February 2019, the equity research team at PAC Partners updated its analyst coverage of Anatara, providing a Buy rating and price target of $1.40/share. In addition, in March 2019, the equity research team at Pitt Street Research updated analyst coverage on the Company, providing a base case valuation of $1.34/share. Roadshow presentations were delivered to institutional investors in Adelaide, Brisbane, Melbourne and Sydney in March 2019 and Sydney in April 2019. Presentations were also conducted at several retail investor conferences during the period.
During the quarter, Anatara was delighted to announce the appointment of Dr. David Brookes as Non-Executive Director and Chair of the Audit and Risk Committee. Dr. Brookes is a well-respected medical professional with extensive experience in the health and biotechnology industries. The Company was also pleased to advise that the Board of Directors had shortened and concluded the probationary period for Mr. Steven Lydeamore, Chief Executive Officer (CEO), as was outlined in the key terms and conditions of employment announced to the market on 14th November 2018.
Looking ahead, Anatara remains focused on its new business strategy in human health, shifting focus towards building a pipeline of gastrointestinal health products. Our priority lies with progressing GaRP in a human observational study for IBS and completing mouse preclinical studies for IBD with a view to partnering in the second half of calendar 2020. Both studies are anticipated to be funded from existing resources.
To view the report, please visit:
http://abnnewswire.net/lnk/13GL0UA6
About Anatara Lifesciences Limited
Anatara Lifesciences Limited (ASX:ANR) is developing and commercialising innovative, evidence-based products for gastrointestinal health where there is significant unmet need. Anatara is a life sciences company with expertise in developing productsfor human and animal health. Anatara is focused on building a pipeline of human gastrointestinal health products. Underlying this product development program is our commitment to delivering real outcomes for patients and strong value for our shareholders.
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