Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTC:OCTHF) (OCT) hailed as a "major milestone" the successful completion of dosing for all cohorts in its phase I study of OCT461201, developed for pain relief.
No safety or tolerability issues arose from any of the tested doses, allowing OCT to advance to the subsequent phase of clinical development for its lead compound.
OCT's CEO, Clarissa Sowemimo-Coker, said: "Today's announcement represents the culmination of many years of hard work by our team, in particular from our chief scientific officer, Dr Valentino Parravicini, and chief medical officer, Dr Tim Corn, whose diligence and expertise have brought us to this point fewer than 30 months since flotation.
"We look forward to moving OCT461201 into the next phases of its development."
The primary aim of the trial was not only to establish the safety and tolerability of the compound but also to gather crucial data on its pharmacokinetic profile.
Conducted by Simbec Research, the UK-based trial utilised a single ascending dose protocol and concluded on 20 September 2023.
Chief medical officer Corn said: "This announcement marks an important milestone in the clinical development of OCT461201.
"We are very pleased to have completed this stage in the development of our lead candidate. To have reached this point within this timeframe is a noteworthy achievement and one which we are well positioned to build upon."
OCT461201 will initially target neuropathic and visceral pain, including irritable bowel syndrome and chemotherapy-induced peripheral neuropathy.