REG - Oxford Cannabinoid - Directorate Appointment

Oxford Cannabinoid Technologies HoldingsAnnouncement

14/11/2023 07:15

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RNS Number : 2956T  Oxford Cannabinoid Tech.Holdings  14 November 2023

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or the "Company")

 

Directorate Appointment

Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the pharmaceutical
company developing prescription cannabinoid medicines, announces the following
Board appointment.

Reflecting his exceptional experience and valued contribution to the progress
of OCTP, the Company is pleased to announce the appointment of Dr Tim Corn,
Chief Medical Officer ("CMO"), as an executive director, effective
immediately. As announced on 8 June 2023, Dr Corn joined OCTP as CMO to
oversee the Company's clinical research and development activities as well as
to provide expert medical guidance and advice to the team. Since joining, the
Company has successfully completed its first Phase I clinical trial, a single
ascending dose study of its lead compound OCT461201.

Dr Corn, formerly Chief Medical Officer International at Jazz Pharmaceuticals
plc, has played a key role in the successful conclusion of more than twenty
regulatory approvals in the US and Europe and is the author of more than forty
scientific publications. He was elected Fellow of both the Faculty of
Pharmaceutical Medicine and the Royal College of Psychiatrists.

Clarissa Sowemimo-Coker, Chief Executive Officer of OCTP, said:

"I'm delighted that Tim has agreed to join our board of directors. His record
speaks for itself and his comprehensive experience of drug development, from
its early stages through to regulatory approval and commercialisation is
hugely valuable for OCTP. I am confident that his contribution will be
invaluable to the Board as OCTP takes its next steps on the clinical pathway
for both OCT461201 and our other programmes".

Dr Tim Corn, Chief Medical Officer of OCTP, said:

"I am very pleased to have been asked to join the Board of OCTP. I am proud to
have been able to contribute to the progress that the business has been
making, particularly in expanding into oncology and successfully completing
the Phase I single ascending dose study for its lead programme. As we move
forward to the next stage of clinical development for this and our other
programmes, I am delighted to be able to put at the disposal of the Board my
clinical experience to help to support the Company's progress at this exciting
moment for the business."

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this
announcement.

Enquiries:

 

 Oxford Cannabinoid Technologies Holdings plc  +44 (0)20 3034 2820
 Clarissa Sowemimo-Coker (CEO)                 clarissa@oxcantech.com

 Cairn Financial Advisers LLP
 Emily Staples                                 +44 (0)20 7213 0897
 Jo Turner                                     +44 (0) 20 7213 0885

 Axis Capital Markets Limited
 Richard Hutchison                             +44 (0)20 3026 0320

 Acuitas Communications                        020 3745 0293 / 07799 767676
 Simon Nayyar                                  simon.nayyar@acuitascomms.com
 Arthur Dingemans                              arthur.dingemans@acuitascomms.com

 

About Oxford Cannabinoid Technologies Holdings Plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd (together the "Group"), a
pharmaceutical Group developing prescription cannabinoid medicines initially
targeting the U$ multi-billion global pain market.

 

OCTP currently has a portfolio of four drug development programmes. Its lead
compound, OCT461201, will initially target neuropathic and visceral pain
(including irritable bowel syndrome ("IBS") and chemotherapy induced
peripheral neuropathy ("CIPN"). The global market for CIPN alone is currently
forecast to reach US$1.17bn by 2028.

 

OCTP's drug development pipeline comprises both natural and synthetic
compounds, and includes products targeting trigeminal neuralgia, a severe type
of face pain, and cannabinoid derivatives targeting pain and potentially
other therapeutic areas. Having established an exclusive licence agreement
with Canopy Growth Corporation for their entire pharmaceutical cannabinoid
derivative library, OCTP now has a portfolio of almost five hundred
derivatives and intellectual property rights including fourteen patent
families and associated research data.

 

OCTP has a clearly defined path to commercialisation, revenues and growth. The
Group is developing drug candidates through clinical trials to gain regulatory
approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe
them with confidence. OCTP's portfolio aims to balance risk, value and time to
market, whilst ensuring market exclusivity around all its key activities.

 

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