Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) (OTCH) said it has received approval for a phase 1 trial in the UK of its lead pain relief drug candidate, OCT461201.
OCTH will conduct the trial in healthy volunteers, with a single ascending dose protocol to test tolerability and safety.
Participant enrolment will begin immediately, OCTH said, with completion expected in the third quarter of this year.
OCT461201, the drug candidate, is a cannabinoid-based pain reliever that has been shown to help patients suffering chemotherapy-induced peripheral neuropathy as well as irritable bowel syndrome.
In a statement, Clarissa Sowemimo-Coker, OCTP’s chief executive, said: “Getting OCT461201 into the clinic so soon after our listing is a huge achievement and is a fitting testament to the hard work and dedication of both OCTP's talented team and our external partners, Aptuit (Verona) SRL, a subsidiary of Evotec SE, and Simbec-Orion.
"This is an important step for the company and part of our broader strategy which currently incorporates four drug development programmes."