Shares in Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) rose 10% on Monday as the pharmaceutical company formally announced its expansion into oncology research.
Having identified a potential “first in class” agent for the treatment of tumours, Oxford Cannabinoid said the prospective drug would be cheaper and more convenient for cancer sufferers.
“There is an urgent need for new cancer medications,” chief executive Clarissa Sowemimo-Coker explained, “we are extremely excited to have identified a possible candidate that could have a significant impact on many people’s lives”.
The company’s asset, which aims to prompt patients’ cells to reattack cancers, has shown “excellent drug-like potential” during initial research, the company said.
“This implies substantive potential for the development of a cannabinoid-based medicine that could be taken at home, as a tablet.”
Shares climbed 10% to 0.91p.