Pharmaceutical company Oxford Cannabinoid (OCTP) has announced it is expanding its research into oncology, focusing on developing a groundbreaking immunotherapy agent for solid tumors.
Initial data shows the drug's potential in targeting cancer cells and its availability in the bloodstream, indicating a potential home-based tablet treatment. The asset emerged from Oxford Cannabinoid's cannabinoid library and exclusive license agreement with Canopy Growth Corporation.
The drug demonstrates significant potency and Oxford Cannabinoid will plan further studies to unlock its full potential through in vitro and in vivo testing. Candidate selection is expected in 2024, utilising existing cash resources.
The program targets a projected $532 billion market for solid tumor therapies by 2032. In 2021, the immunomodulators segment accounted for over 20% of the $110 billion global immunotherapy drugs market, with an expected 6.92% annual growth rate from 2022 to 2030.
Oxford Cannabinoid's immunotherapy asset offers significant benefits, as unlike expensive and inaccessible therapies, Oxford Cannabinoid's asset, like its other cannabinoid developments, can be taken at home as a tablet, reducing costs and improving convenience.
Clarissa Sowemimo-Coker, Chief Executive Officer of Oxford Cannabinoid commented: "There is an urgent need for new cancer medications. The OCTP team has discovered a potential first-line-treatment alternative to existing therapies and their side effects which could provide a viable alternative to expensive biologics. Although we're at an early stage, this is exciting news for the Company. As the potential of cannabinoid-based medicines to treat a range of conditions in a less harmful and more economic manner receives growing public recognition, OCTP stands at the forefront of research & development and we are extremely excited to have identified a possible candidate that could have a significant impact on many peoples' lives.
"We are innovative specialists within the global pain and oncology markets and we will continue to develop new opportunities that will ultimately benefit people suffering with a range of debilitating, life altering conditions."
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Oxford Cannabinoid is a pharmaceutical group focused on developing prescription cannabinoid medicines for the global pain market. With a portfolio of four drug development programs, its lead compound OCT461201 targets neuropathic and visceral pain, including irritable bowel syndrome and chemotherapy-induced peripheral neuropathy, with trial results expected in Q3 2023.
Oxford Cannabinoid's drug development pipeline includes natural and synthetic compounds, aiming to address conditions like trigeminal neuralgia, a severe type of face pain, and general pain management.
The global cannabinoid-derived pharmaceutical market size was valued at US$ 636.8 million in 2021, and it is expected to reach US$ 11.2 billion in 2030. This surge can be attributed to the increasing use of cannabinoids in human medicine for various therapeutic purposes, growing awareness about the medical benefits of plant-derived cannabidiol products, alongside the widespread acceptance and use of CBD in numerous countries, with Oxford Cannabinoid poised to capitalise on these market trends.
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