Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP) highlighted good progress across all four of the group's drug research programmes as it released results for the period ended May 31 2021.
It captures the period that led to its stock market float on May 21, as it raised £16.5mln of new equity to fund the business’s development.
"We are delighted to have successfully listed and raised funds to further our journey to commercialisation,” said chief executive Dr John Lucas.
He added: “Given the progress made since the period end, we expect a busy remainder of the current financial year, as we progress pre-clinical testing on OCT461201 towards pre-clinical trials."
Since the end of the period, the company has inked agreements with key partners for its lead cannabis drug compound as well as its drug-device/phytocannabinoid combination, it noted.
It has also acquired key medical assets from Canopy Growth Corporation (TSX:WEED, NYSE:CGC), giving it an exclusive worldwide licence to their entire cannabinoid derivative library, adding 335 derivatives, to more than quadruple in size its prior proprietary library. Timelines for clinical trials have also accelerated as a result of the acquisition.
The company noted that it expects its shares will be admitted to the OTC QB market in the United States in December, which will boost its profile among American investors and provide a simple and familiar way to trade shares.
Lucas commented: “The dedication and focus of our experienced team is highlighted by the progress made since Admission - especially post period end - further enhancing our development opportunities and relationships within the sector.
"We believe that our management team, pipeline of drug candidates and network of partners, combined with the significant growth opportunity puts us on a strong footing.”