Forecast expenditure for the September 2019 quarter is anticipated to increase as research and development activities for the Company's lead human health program, its Gastrointestinal Reprogramming (GaRP) dietary supplement, advances. Future quarterly gross cash outflow is anticipated to decline to an average of $1.3m for the remaining quarters of the 2020 financial year. A refund from the Australian Taxation Office under the Federal Government's Research and Development (R&D) Tax Incentive scheme is anticipated to be received in December 2019.
The Company continued an active market awareness program during the period. Anatara CEO, Steve Lydeamore, recorded financial news media interviews in April and May 2019, and roadshow presentations were delivered to investors in Perth and on the Gold Coast in June 2019.
In July 2019, the external equity research teams at PAC Partners and Pitt Street Research independently updated their analyst coverage of Anatara. PAC Partners provided a Buy rating and price target of $0.90/share and Pitt Street Research providing a base case valuation of $1.09/share.
On 14th June 2019, Anatara announced the return to the Company of rights to the worldwide development, manufacturing, distribution and marketing of Detach(R) for livestock animals and horses. Following this announcement, Anatara's Board and management team initiated a strategic review of the Company's commercialisation opportunities for Detach(R), including launch of the APVMA approved product in Australia, regulatory approval of this product in overseas markets, development of this product for species other than piglets and, global or regional licensing of Detach(R). In line with our commitment to ongoing disclosure, another market update will be provided in the coming weeks.
Pre-clinical animal studies for GaRP in Inflammatory Bowel Disease (IBD) have commenced and a human clinical study of GaRP in Irritable Bowel Syndrome (IBS) is expected to be initiated in late 2019, with a view to partnering in the second half of calendar 2020. Both studies are anticipated to be funded using existing resources.
Looking ahead, Anatara will continue to execute its human health development plans, and in parallel, the Company has prioritised a strategic review of all options to deliver on the global value of the Company's animal health assets, including the launch of Detach(R) in Australia and global licensing.
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About Anatara Lifesciences Ltd
Anatara Lifesciences (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 products for animal and human 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. For more information, please visit www.anataralifesciences.com.
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Anatara Lifesciences Ltd
Anatara Lifesciences Ltd
Link: Appendix 4C - quarterly
PSR Life Sciences Conference 28 November 2019: Anatara Life Sciences (ASX:ANR), Steve Lydeamore (CEO)