Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF), a pharmaceutical company specialising in prescription cannabinoid medicines, is venturing into the field of oncology as part of its expanded research and development strategy.
The London-listed company has identified a promising immunotherapy agent that could be a pioneering treatment for solid tumours.
Early analysis of the initial data reveals that the agent exhibits exceptional drug-like potential in terms of in vitro potency and selectivity to target.
Moreover, it exhibits favourable availability in the bloodstream, suggesting the potential for a cannabinoid-based medicine that can be taken conveniently at home in tablet form.
Current therapies based on antibodies or cell therapies are expensive and hard to access while usually requiring travel to cancer centres.
The discovery of this immunotherapy agent stems from Oxford Cannabinoid's extensive work on its cannabinoid library, comprising nearly 500 derivatives, for the company's Programme 4.
This achievement further underscores the value of the group's exclusive licence agreement with Canopy Growth Corporation (TSX:WEED, NYSE:CGC).
Attention will now focus on further in vitro and in vivo studies to highlight the full potential of this lead candidate, followed by a safety-pharmacology assessment before the final candidate selection, likely during 2024.
"Although we're at an early stage, this is exciting news for the company,” said Clarissa Sowemimo-Coker, chief executive of Oxford Cannabinoid.
She continued: “As the potential of cannabinoid-based medicines to treat a range of conditions in a less harmful and more economic manner receives growing public recognition, OCTP stands at the forefront of research and development and we are extremely excited to have identified a possible candidate that could have a significant impact on many peoples' lives.”