Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) (OCTP), which develops prescription cannabinoid medicines, has announced that its chief executive officer, Dr John Lucas, stepped down on 2 December 2022 to pursue other business interests.
Current chief operating officer Clarissa Sowemimo-Coker is taking over as interim CEO while the pharmaceutical company completes its Phase I clinical trials for its lead programme, OCT461201, which are due to start in January 2023 with results anticipated early in the second quarter of next year.
Dr Lucas will assist the company until the end of this year to facilitate a smooth handover, while the COO responsibilities will be distributed internally, the company said, adding that the process of recruiting a replacement general counsel and company secretary is underway.
"On behalf of the board and all the staff of OCTP, I would like to thank John for his dedication and hard work over the past several years, especially during the company's IPO process last year and his work in steering the group towards its first in-human clinical trials,” said Julie Pomeroy, OCTP non-executive chair, in a statement.
"I am also delighted that Clarissa has agreed to take over the role of interim CEO as we enter a new and very important phase of OCTP's development during 2023. Clarissa is already an established member of the team, having joined the company in 2018, and has been integral in the company's development to date.
“She has the board's full backing and we very much look forward to working together as we lead the company through the next stage of its development which includes the commencement of clinical trials. This is a pivotal period for the company as we develop our portfolio and create value add opportunities for investors,” she added.
Dr Lucas said: "I have very much enjoyed my tenure at OCTP. It has been a challenging but rewarding experience. However, I feel the time is now right to step aside. I'm leaving the company in very capable hands and will be closely following its continued development. I wish the team every success in the future."
The company appointed a new finance director, Paul William Smalley, in October.