Expenditure during the quarter was lower than forecast and 29% lower than the prior quarter due to the delay in initiation of the GaRP clinical trial. Covid-19 cash preservation initiatives drove quarterly reductions in Staff costs and Administration and Corporate costs of 12% and 27% respectively. For the full year, costs were 15% lower driven by cost containment initiatives which reduced Administration and Corporate costs by 38%.
Aggregate amount of payments to related parties and their associates during the quarter was $86,000 which includes director's fees and superannuation.
Forecast expenditure for the September 2020 quarter is anticipated to increase as activities for clinical development of the Company's Gastrointestinal Reprogramming (GaRP) over-the-counter (OTC) medicine advance.
Anatara made three announcements during the quarter: (1) partnering update; (2) cancelled options.
While focussing financial resources on development of GaRP, Anatara has been evaluating development, in collaboration with third parties, additional dosage forms for piglets and to utilise Anatara's intellectual property in other species including in-feed formulations for piglets, formulations for aquaculture and formulations for poultry. New formulations are ready for in-feed trials for piglets and trials for poultry.
CEO Steve Lydeamore commented, "Anatara is close to finalising discussions with third parties to progress challenge trials of Anatara's animal health assets to address barriers to partnering. We will continue to provide updates to the market as these activities progress. Anatara anticipates initiation of a GaRP clinical trial in the 4th quarter of calendar 2020."
To view the report, please visit:
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.
Anatara Lifesciences Ltd