Shares in Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTC:OCTHF) rose 6% following the successful completion of the phase I study for its lead compound, OCT461201, aimed at pain relief.
The trial, conducted by Simbec Research, concluded without any safety or tolerability concerns, paving the way for the drug's further clinical development.
OCT461201 will initially target neuropathic and visceral pain conditions, including irritable bowel syndrome and chemotherapy-induced peripheral neuropathy.
Shares in the company opened 0.045p higher at 0.84p.