Oxford Cannabinoid Technologies sees clinical progress amid losses

Oxford Cannabinoid Technologies Holdings plc (LON: OCTP) announced its interim results for the six months ending October 31, 2023.

The biotech company, which specializes in cannabinoid-based medicines, reported completing its first Phase I single ascending dose clinical trial for OCT461201, its lead program, a significant development in its research initiatives.

Additionally, OCTP disclosed the discovery of a new potential immunotherapy agent for treating solid tumors, an expansion of its research focus beyond pain management.

According to filings, cash absorbed by operations rose to £7,042 for the year, versus £5,373k in 2022, signaling a rise in operational spending. Additionally, the company reported a year-end loss of £5,945k, versus £4,712k in 2022, with a basic and diluted loss per share of 0.619p, versus 0.491p in 2022’s reporting period.

OCTP spent £1.1 million on the OCT461201 program, in alignment with its budget. The company received a £700,000 R&D tax credit for the fiscal year 2022 and has a £1.3 million debtor recognized by HMRC (U.K. customs).

At the end of the period, OCTP reported a cash balance of £1.1 million and current liabilities of £800,000.

The company also announced organizational changes, including the appointment of Dr. Tim Corn as Chief Medical Officer. Post the interim reporting period, Dr. Tim Corn was appointed to OCTP’s Board of Directors, and a new patent application for OCT130401 was filed.

OCTP’s CEO Clarissa Sowemimo-Coker commented on the completion of the clinical trial, stressing its importance for the company’s development.

“It’s been a hugely exciting period of activity, and we are delighted with the progress that has been made,” Sowemimo-Coker said. “In particular, successfully completing our first clinical trial is a huge milestone for the Company and the whole team is rightly proud of that achievement.”

OTCP is a UK-based pharmaceutical company that develops therapies targeting the endocannabinoid system, in areas such as pain and cancer, in partnership with Oxford University.

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