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Ananda Developments PLC on Wednesday said that it has signed a memorandum of understanding with Nottingham Trent University to pursue third-party grant funding.
The London-based pharmaceutical, which is developing cannabinoid-based medicines for chronic pain conditions, signed the memorandum alongside its wholly owned subsidiary, DJT Plants Ltd.
The funding will help to progress DJT’s medical cannabis breeding programme and its low carbon medical cannabis cultivation and manufacturing, via a strategic partnership and the establishment of a ‘Cannabinoid Centre of Excellence’ at Nottingham.
According to Ananda, the initial focus will be to build on the success of the genetics and breeding programme and on packaging DJT’s low carbon cultivation into a wider pharmaceutical innovation project to attract major grant funding.
‘By partnering with NTU we can progress our breeding and genetics programme with the aid of non-dilutionary funding and with the additional resources and expertise of NTU. We can also develop the medical cannabis cultivation and manufacturing proposition around its sustainability credentials to seek significant grant funding for this business,’ said Chief Executive Officer Melissa Sturgess.
Ananda Developments shares last traded at 0.27 pence each on Aquis on Wednesday afternoon.
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