Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF)’s interim chief executive said the company has made good progress over the past six months and had "laid the groundwork for an exciting 2023".
"This was a busy and pivotal period for the company and we are delighted with the progress,” said Clarissa Sowemimo-Coker.
“During the period, progress was made on all four of the group's drug development programmes, particularly regarding the group's lead candidate OCT461201 as the group prepared for Programme 1's Phase I clinical trial to commence in January 2023,” the company said in a statement.
The Phase I clinical trial for Programme 1 is fully funded, OCT added, with the pre-clinical work for OCT461201 completed under a £2.6mln contract research agreement with Evotec.
“The groundwork has been laid for an exciting 2023, with our focus firmly on the commencement of Phase I clinical trial for Programme 1,” said Sowemimo-Coker.
“We have worked hard as a team to get to this point which represents a hugely significant milestone for the company and our shareholders."
Losses in the six months to the end of 31 October 2022 were £4.55mln with £4.93mln of cash at the end of the period.