Life sciences company Ananda Developments PLC (AQSE: ANA) announced on Wednesday that it has contracted Southern Star Research Pty Ltd, an Australian Contract Research Organisation, to conduct a Phase 1 clinical trial for its lead investigative asset, MRX1.

This study will assess the pharmacokinetic (PK) profile, tolerability and safety of MRX1 in 20 healthy volunteers.

To be conducted in Australia, the trial will generate crucial data for future regulatory applications with agencies such as the MHRA and FDA.

The decision to conduct the study in Australia provides financial benefits, including a 43.5% R&D tax incentive.

This trial is a key step in advancing MRX1, an oral drug candidate aimed at treating complex inflammatory pain conditions, with Phase 2 trials planned for chemotherapy-induced peripheral neuropathy and endometriosis.