Ananda Pharma Plc (AQSE:ANA)has appointed Chris Tovey, former chief operating officer of GW Pharmaceuticals and Jazz Pharmaceuticals, as a strategic adviser to support the company’s efforts to develop cannabinoid-based medicines.
Tovey played a central role at GW, the first company to secure regulatory approval for a cannabidiol (CBD) medicine in the United States, United Kingdom and European Union.
He joined in 2012 and helped steer the group through its listing on Nasdaq, investment rounds totalling more than $1 billion, and its eventual sale to Jazz Pharmaceuticals for $7.2 billion in 2021 — the largest exit deal in the cannabis medicines sector to date.
At Ananda, which is focused on securing regulatory approval for CBD-based treatments targeting complex, chronic conditions, Tovey will advise on corporate strategy, drug development, and commercial planning. The company said he is expected to join the board in future.
Ananda’s chairman and largest shareholder, Charles Morgan, said: “We are honoured to have Chris join Ananda.
“Securing his services allows us to benefit from his unique experience gaining the first-ever FDA and EMA approvals for a CBD medicine, and his input will help us achieve our ambition of getting a regulatory-approved CBD medicine to market faster and at a lower cost than would otherwise be the case.
“Mr Tovey’s senior-level experience at GW will be invaluable and his commitment to Ananda is a vote of confidence in our approach and our team.”
Tovey has been granted options over 50 million ordinary shares, subject to performance conditions. A further 75 million options would be issued if he is appointed as a director.
