Shares in Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) surged 7.3% to 1.18p on a broadly positive update from the group that included confirmation of the permanent appointment of Clarissa Sowemimo-Coker as chief executive.
Sowemimo-Coker has been with the company for over four years and served as interim CEO since December, successfully leading OCTP to its first submission to the UK medicines regulators.
In addition to the CEO appointment, the company announced that its subsidiary, Oxford Cannabinoid Technologies Limited, had its Home Office Licence renewed for the fifth consecutive year, allowing it to possess and supply Schedule 1 drugs for research purposes.
OCTP is progressing toward a phase I clinical trial for its lead drug candidate, OCT461201, and completing pre-clinical work for its second program, OCT130401, which is now ready for phase I.
Development work on programs 3 and 4 is ongoing, with researchers expected to reach pre-clinical and lead candidate stages during this quarter.