Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) has returned some encouraging pre-clinical results for its lead asset, OCT461201.
It was shown in animal models to reduce pain associated with chemotherapy-induced peripheral neuropathy (CIPN).
It is estimated that 60% of cancer sufferers undergoing chemo are affected by CIPN at three months. The condition can be “progressive and enduring”, the company said.
Chief executive John Lucas said that, based on previously completed pre-clinical safety experiments, the dose could have been increased by over three times.
“The results of this study demonstrate the opportunities open to OCT461201 in treating a major and common side effect experienced by so many cancer patients and we are more excited than ever to be starting phase I clinical trials early next year,” he added.
“These latest results reaffirm the potential of OCT461201 across multiple indications."
The current market for the treatment of CIPN was valued at US$1.6bn in 2020 and is forecast to grow to US$2.37bn by 2027.