Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, FRA:0CB) (LSE:OCTP) said “very good progress” had been made advancing all four of its current drug development programmes and it remains firmly on target with its commercialisation timeline.
OCTP is focused on medicines that mimic the painkilling effects of cannabis with a portfolio of four drug candidates under development as licensed pain medicines. The aim is to commercialise the company's first drug in 2027.
The lead drug candidate, OCT461201, which has reached the stage of pre-clinical testing, has been in-licensed from Japan's AskAt under a licence agreement that gives exclusive rights on a worldwide basis.
In a trading update for the year to end May 2021, OCTP said cash at the year-end was £14.6mln, with £1.15mln spent in the current year on drug development, the bulk of which has been on OCT461201.
Since the year-end, OCTP has also signed an agreement with Evotec, which will provide regulatory documents and a drug batch approved and ready for the start of in-human trials.
OCTP added it has also applied for its shares to be listed on the US OTC QB market.