Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) hailed a “defining year” for the progress of its leading drug candidates as it deployed cash “prudently” to leave £2.3 million in the bank at the end of the period.
During the year to 30 April 2023, two pharmaceutical cannabinoid compounds completed pre-clinical stages, with lead candidate OCT461201 being approved to move to a phase-one clinical trial and providing the first dosing in the trial in the new financial year.
Roughly £7 million of cash was spent on operations during the year, including £4.3 million of research costs on the two leading candidates and £0.4 million on the next two in line, with the company reporting a loss for the year of £5.9 million.
Cash is forecast to be fully utilised by April 2024, with the phase-one trial expected to be completed in the third quarter of 2023 and all four of the drug R&D programmes said to remain on target with previously defined timescales.
The company said this will be helped by cost savings made during the year, including closure of the London office last April.
Non-executive chair Julie Pomeroy said it was “a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements”.
Chief executive Clarissa Sowemimo-Coker added: “During FY2022-23, we continued to deploy our cash and resources prudently, ensuring that we are well-positioned to meet our future objectives in order to develop therapies that can transform the lives of patients everywhere.”
Since the year end, as well as the first dosing in the phase-one trial, Dr Tim Corn has been appointed chief medical officer and the drug programmes have expanded into oncology with a potential "first-in-class" immunotherapy agent for solid tumours.