Oxford Cannabinoid Technologies Holdings PLC (OCT) has reconfirmed the timelines for its two lead assets alongside full-year results, showing the drug developer has a "robust" balance sheet.
Investors were told OCT461201 for neuropathic and visceral pain will enter phase I trials in the first quarter of next year, while OCT130401, an inhaled treatment for trigeminal neuralgia, will enter the clinic in Q4 this year.
It has inked an agreement with contract research firm Simbec Research, which will carry out the phase I work.
The company’s declared aim is to develop non-addictive, cannabinoid-based prescription pain medicines for “people who the opioid crisis has left behind”.
“The work that's been completed during the period means that we will be in phase I clinical trials with our two lead programmes in Q1 2023 which is hugely exciting for both the group and our shareholders,” said chief executive John Lucas.
Turning to the financials, the group had cash of £9.2mln as at 31 May 2022, the period end. This was down from £14.6mln at the same point 12 months earlier. The group said the cash would be "utilised" by March/April of 2023.
As is commonplace with the companies investing in drug development, OCT was loss-making. The deficit for the period was £5.4mln. R&D expenditure was £2.9mln, while operational costs increased to £2.3mln.