Pharmaceutical company Oxford Cannabinoid (OCTP) , recently revealed that the first-in-human dose of its leading pharmaceutical drug candidate, OCT461201, has been successfully administered, marking a significant milestone in its Phase I clinical trial.

OCT461201, a cannabinoid receptor, has the potential as an effective treatment for Chemotherapy-Induced Peripheral Neuropathy (CIPN) - a nerve-damaging side effect of chemotherapy - and irritable bowel syndrome (IBS), both conditions that affect millions globally. 

The trial is being conducted in the UK in healthy volunteers by Simbec Research Limited, using a single ascending dose protocol. The trial's principal objective is to demonstrate the safety and tolerability of OCT461201, while also providing pivotal information on its pharmacokinetic profile, to confirm its value as a potential drug.

The trial's results, funded entirely from OCTP's existing resources, are expected in Q3 2023.

On the Clinical Trial, Clarissa Sowemimo-Coker, Chief Executive Officer of OCTP commented: "I am so pleased and proud to be able to announce the first dose of OCT461201 being administered to a healthy volunteer. Both symbolically and commercially, this is an enormous milestone for OCTP. Whilst this is the culmination of years of hard work, it also lays down a marker for the future and signals the beginning of a bigger journey."

In the same statement, Oxford Cannabinoid announced the appointment of Dr William Paul Farquhar-Smith, an internationally recognised expert in Chemotherapy-Induced Peripheral Neuropathy, as an external adviser to the company.

On the appointment of Dr Farquhar-Smith, Ms Sowemimo-Coker added: "We are delighted to welcome Dr Farquhar-Smith as an adviser to OCTP. His clinical expertise and deep knowledge of CIPN will be of exceptional value to us as we move forward with our clinical trials for OCT461201, which we hope will prove to be a first-in-class treatment.

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Another significant milestone achieved for OCTP as it advances its lead asset toward eventual commercialisation. OCT461201 as a CIPN treatment will address a growing medical demand, with roughly 60% of individuals undergoing chemotherapy encountering CIPN after a three-month period, leading to a frequent reduction or discontinuation of treatment among patients. The global market for CIPN is valued at $1.61 billion, and with the projected global market anticipated to reach an impressive $2.37 billion by 2027, there is a huge market opportunity for OCTP to capilatise on. 

In 2020, the United States reported approximately 17 million cases of IBS, while the United Kingdom recorded nearly 6 million cases.

OCT461201 as a drug candidate for IBS and CIPN works by exploiting the same receptor targeted by some natural cannabis extracts, but it is chemically modified to ensure that it effectively and exclusively binds to the key receptor (CB2) in the nerves and immune cells that contribute to controlling the pain response, and it will do this in the same way every time a patient takes it.

OCTP said results from the trial are expected in Q3 2023, make make sure to  to not miss this update.