Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, FRA:0CB) has hailed “progress across all front” following its £16.5mln fundraise and listing on the LSE’s main market in May.
The pharmaceutical firm, which is focused on developing a portfolio of cannabinoid-based prescription medicines, said since its debut on the exchange is has entered two commercial agreements which will “contribute significantly” to the development of its lead compound OCT461201 as well as a number of its other drug development programmes.
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The first of these deals is with life sciences firm Voisin Consulting SARL (VC) to provide Oxford Cannabinoid with support and advice on its regulatory strategy and a roadmap for its drug development programmes in the UK and the US and, subsequently, in Europe. This includes First Time in Human (FTiH) clinical trials for OCT461201, which are expected to commence in 2022.
The company has also signed a service agreement with Aptuit (Verona) SRL, a subsidiary of drug discovery firm Evotec, for access to the Evotec technology platform to further accelerate the development of OCT461201 towards Phase 1 clinical trials.
"I am delighted with the company's progress across all fronts. The board agrees that we are off to a great operational start as a public company with the two partnership agreements signed recently, and we remain firmly on schedule to deliver the drug development timeline set out in our prospectus dated 17 May 2021. The group will continue to develop its drug pipeline and its proprietary, unique library of cannabinoid derivative compounds. Furthermore, we have visibility over a number of exciting developments and a clear path to growth”, Oxford Cannabinoid chief executive John Lucas said in a statement.
“By utilising a range of inputs, the Group is creating a drug development portfolio that is intended to maximise the therapeutic potential of cannabinoids, long-term market value and market exclusivity across its activities", the CEO added.
The company also said it intends to issue a trading update for the year ended May 31 in mid-August.
Shares in the group were 3.2% lower at 2.7p in late morning trading on Wednesday.