RCS - Oxford Cannabinoid - Edison issues update on OCTP

Oxford Cannabinoid Technologies HoldingsAnnouncement

09/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240209:nRSI5593Ca&default-theme=true

RNS Number : 5593C  Oxford Cannabinoid Tech.Holdings  09 February 2024

Edison issues update on Oxford Cannabinoid Technologies Holdings plc (OCTP)

Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the biotech company
developing prescription cannabinoid medicines, is pleased to share the
following update on the Company from Edison.

Oxford Cannabinoid Technologies (OCT) has announced its H124 results (to
end-October 2023), an eventful period for the company, marked by successful
clinical progression of lead asset OCT461201, albeit with some funding
challenges. Key highlights included the initiation and subsequent positive
safety data from OCT's first Phase I clinical trial (Programme 1) and a foray
into oncology (Programme 4). Tight funding conditions halted subsequent
clinical progress, although the recently announced £1.3m R&D tax rebate,
£1.2m fund-raise and planned clinical progression for second asset OCT130401
(Programme 2) offer signs of a potential revival in activity. We estimate that
the fresh capital will support runway extension into Q4 CY24. Our valuation of
the company stands at £25.3m or 2.6p per share, although we estimate the
company needing additional funds towards the end of CY24 to further the
company's clinical pipeline.

Valuation: maintained at £25.3m or 2.6p per share

We have rolled forward our model and adjusted our valuation for the latest
cash figure, but have kept our underlying assumptions unchanged for now (100%
valuation ascribed to OCT461201). We plan to incorporate OCT130401 once it
enters the clinic and note the potential upside from this inclusion. Our
valuation excludes the impact of the proposed fund-raise and remains unchanged
at £25.3m or 2.6p/share, with benefits from rolling forward offset by the
lower cash position.

Click here
(https://www.edisongroup.com/research/early-signs-of-revival-in-clinical-activity/33216/)
to view the full report

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRABIGDDRGGDGSI