OXFORD Cannabinoid Technologies Holdings plc (“OCTP” or the “Company”), the holding company of Oxford Cannabinoid Technologies Ltd (“OCT”) (together the “Group”), a UK pharmaceutical company focussed on developing a portfolio of cannabinoid-based prescription medicines, approved by medicines regulatory agencies which target the pain market, is pleased to provide an update following its £16.5 million fundraise and admission to the standard segment of the Official List and to trading on the London Stock Exchange Group plc’s Main Market for listed securities in May 2021 (together “Admission”).
Since Admission, the Group has entered into two important commercial agreements which will contribute significantly not only to the development of its lead compound, OCT461201, but also to a number of its other drug development programmes.
On 1 June 2021, the Group announced an agreement with Voisin Consulting SARL (“VC”), a life sciences consultancy comprising over 200 professionals in the UK, US and India, with expertise in medical devices, cannabinoids, neurological disorders and addictions.
The agreement with VC provides OCT with support and advice on its regulatory strategy and a roadmap for its drug development programmes in the UK and the US and, subsequently, in Europe. This includes First Time in Human (“FTiH”) clinical trials, which are expected to commence in 2022, for the Group’s lead compound OCT461201, a selective cannabinoid receptor type 2 (“CB2”) agonist with initial indications in the areas of post herpetic neuralgia and visceral pain caused by irritable bowel syndrome.
A further development was announced on 6 July 2021 with OCT signing a service agreement with Aptuit (Verona) SRL, a subsidiary of Evotec SE, a fully integrated drug discovery and development company, based in Germany, with a market capitalisation of approximately €5.7billion as at the date of this announcement.
This agreement will provide access to Evotec’s technology platform to further accelerate the development of OCT461201 towards phase 1 clinical trials aimed at demonstrating its safety and tolerability by utilising its “INDiGO” programme, an integrated drug development process for expediting early drug candidates to the clinical trial stage.
The programme is scheduled to run for approximately 12 months and is specifically tailored to provide comprehensive manufacturing, safety and toxicology packages for regulatory submissions to the UK’s Medicines & Healthcare products Regulatory Agency (“MHRA”) and in the US, The Food & Drug Administration (“FDA”).
OCTP intends to issue a trading update for the financial year ended 31 May 2021, in mid-August ahead of entering its Closed Period (as defined under the Market Abuse Regulation). Publication of its final results for the year ended 31 May 2021 will be approximately one month later.
Commenting on developments since Admission, Dr John Lucas, OCTP’s Chief Executive Officer, said: “I am delighted with the Company’s progress across all fronts. The Board agrees that we are off to a great operational start as a public company with the two partnership agreements signed recently, and we remain firmly on schedule to deliver the drug development timeline set out in our prospectus dated 17 May 2021.
The Group will continue to develop its drug pipeline and its proprietary, unique library of cannabinoid derivative compounds. Furthermore, we have visibility over a number of exciting developments and a clear path to growth.
By utilising a range of inputs, the Group is creating a drug development portfolio that is intended to maximise the therapeutic potential of cannabinoids, long-term market value and market exclusivity across its activities.”
The Directors of the Company accept responsibility for the content of this announcement.