Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) confirmed its two lead assets will enter the clinic in the final quarter of this year and the first three months of 2023 respectively.
The company provided the progress report in a trading update that covered the 11 months to April 30, which also summarised the group’s financial status.
It said total costs before tax credits were £5.6mln, while the closing cash position was ‘as expected’ at £9.2mln.
The company hailed the preclinical progress of OCT461201, targeting chemotherapy-induced peripheral neuropathy, which will enter clinical trials in early next year.
It is also working with Benuvia Manufacturing on its drug-device combination for people with severe facial pain called trigeminal neuralgia. The programme is expected to enter phase I in the final quarter of the current calendar year.
In a busy period for the business, it has inked agreements with North American cannabis giant Canopy Growth, Aptuit, Evotec and Voisin Consulting.