Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) has confirmed the permanent appointment of Clarissa Sowemimo-Coker as chief executive, effective immediately.
Sowemimo-Coker has been with the company for over four years and was appointed interim CEO in December.
During her time in charge of the business, she has successfully led the company to its first submission to the UK Medicines and Healthcare Products Regulatory Agency (MHRA) and the Wales Research Ethics Committee 2 (REC 2).
Chair Julie Pomeroy said: "It is my pleasure, on behalf of the OCTP board, to congratulate Clarissa on her appointment as permanent CEO of the company.
"Since taking on the role on an interim basis, Clarissa has demonstrated her dedication and ability to lead the company as we continue to make significant progress towards our goals."
In addition to the permanent appointment, the company announced its subsidiary, Oxford Cannabinoid Technologies Limited, had its Home Office Licence renewed for the fifth consecutive year.
This permits it to possess and supply Schedule 1 drugs for research purposes and, the company said, demonstrates its ongoing ability to meet the strict regulatory and legal requirements.
In a wide-ranging update, OCTP is making progress towards the commencement of a phase I clinical trial for its lead drug candidate, OCT461201, which will start upon receipt of approvals from the UK medicines regulatory authorities.
It also said it is continuing to advance its other programmes, including the completion of pre-clinical work for its second programme, OCT130401, which is now ready to enter phase I.
Development work on programmes 3 and 4 is ongoing, investors were told. The expectation is researchers will reach pre-clinical and lead candidate stages during this quarter.