Pharmaceutical company Oxford Cannabinoid (OCTP) , announced its final results for the year ended 30 April 2023, citing a robust balance sheet and a transformational year that saw its shift from a pre-clinical stage to a clinical-stage pharmaceutical company.
The company hit multiple significant operational milestones during the period, including the completion of pre-clinical research for its lead compound OCT461201 (Programme 1), along with gaining approval for its clinical trial application from the Medicines and Healthcare products Regulatory Agency (MHRA) and Wales Research Ethics Committee 2 (REC 2), followed by Phase I trial endorsement.
Progress was also made on OCT130401 (Programme 2), an inhaled phytocannabinoid combination for Trigeminal Neuralgia, as it concluded pre-clinical research and readied for Phase I trials, subject to additional funding.
Financially, the company maintained a strong balance sheet with £2.3m in cash (30 April 2022: £9.2m). Projected cash forecast suggests full utilisation by April 2024. Operational expenses increased from £2.3m to £2.7m.
Noteworthy post-period achievements include MHRA and REC 2 greenlighting the Phase I clinical trial for OCT461201, along with expansion into oncology with a potential immunotherapy agent for solid tumors, and the successful administration of OCT461201's first-in-human dose marking the commencement of its Phase I trial.
Commenting on the results, Julie Pomeroy, OCTP Non-Executive Chair, said: "This has been a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements. The dedication, expertise and relentless pursuit of excellence by our team has delivered the transition of OCT from pre-clinical stage to a clinical-stage pharmaceutical company. We have seen two of our programmes complete their pre-clinical stages during the year with one of them moving into a Phase I clinical trial in Q2 2023 and are well-positioned for future clinical developments."
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Oxford Cannabinoid saw a highly successful year, with the transition from pre-clinical to clinical-stage pharmaceutical development potentially representing a pivotal value inflection point for investors. This milestone not only validates the company's research but also underscores the substantial market potential of its cannabinoid-based assets.
The global cannabinoid-derived pharmaceutical market size was valued at US$636.8m in 2021, and is expected to reach US$11.2bn 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 widespread acceptance and use of CBD in numerous countries, with Oxford Cannabinoid poised to capitalise on these market trends.
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 company announced in July that it would be expanding its research into oncology, after discovering a potential first-line-treatment alternative to existing therapies, representing another potentially lucrative market for Oxford Cannabinoid to enter.
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