Quarterly Financial Report
Forecast expenditure for the December 2019 quarter is anticipated to increase as the Company advances the development of its Gastrointestinal Reprogramming (GaRP) dietary supplement. 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, presented at the Bioshares Biotech Summit in July and the Monsoon Communications Investor Twilight Briefing in August. Upcoming presentations will be made at the Australian Microcap Investment Conference in Melbourne next week (22-23 October) and the Australia Biotech Invest & Partnering Conference also in Melbourne, on 31st October. Complimentary investor passes are available. Please email Hayley van der Meer at email@example.com for more information.
Post the period, in advance of the Company's Annual General Meeting (AGM), Anatara released its Notice of Meeting and Annual Report to shareholders this month. Anatara's AGM will be held in Sydney on 11 November 2019 and the Company welcomes shareholder attendance.
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.
Earlier this week, Anatara reported statistically significant efficacy data from its in vivo animal studies and further positive in vitro proof of concept data for its GaRP dietary supplement product. Successful completion of the preclinical program has provided strong scientific proof that GaRP has the potential to be a game changing dietary supplement. When compared to a placebo control, GaRP reduced the combined disease characteristics of colon inflammation and disrupted bowel habits by 2.5-fold (p=0.012). Preclinical studies also demonstrated that GaRP upregulated the expression of the MUC2 and MUC6 genes that are normally reduced in both IBD and IBS. Using RT-PCR quantitation methodology, the Anatara team found that GaRP increased the expression of the MUC2 and MUC6 genes by a factor of 5 to 7-fold (MUC2 and MUC6, p<0.001) which provides evidence that the GaRP dietary supplement may be effective in promoting the healing of damaged gastrointestinal mucosa often associated with chronic bowel disorders.
Combined with our proof of concept data released in February 2019, Anatara has now demonstrated its GaRP formulation can address microbiome dysbiosis, reduce gut inflammation as well as promoting mucosal healing. By targeting all three underlying factors associated with chronic gastrointestinal conditions, GaRP looks to address a significant unmet medical need with Irritable Bowel Syndrome (IBS) and Inflammatory Bowel Disease (IBD) patients.
A human clinical study of GaRP in Irritable Bowel Syndrome is expected to be initiated late 2019, with a view to partnering in the second half of calendar 2020.
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 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.
Anatara Lifesciences Ltd