REG - Oxford Cannabinoid - Directorate Change

Oxford Cannabinoid Technologies HoldingsAnnouncement

05/12/2022 07:00

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RNS Number : 5132I  Oxford Cannabinoid Tech.Holdings  05 December 2022

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or "the Company")

 

Directorate Changes

 

Oxford Cannabinoid Technologies Holdings plc, the pharmaceutical company
developing prescription cannabinoid medicines targeting the US$ multi-billion
pain market, announces the following Board changes.

Dr John Lucas, Chief Executive Officer, has decided to step down from his role
with effect from 2 December 2022 in order to pursue other business interests.
Clarissa Sowemimo-Coker, currently Chief Operating Officer, will take over as
CEO on an interim basis while the Company completes its Phase I clinical
trials for the Company's lead programme, OCT461201, which are due to commence
in January 2023 with results anticipated in early Q2 2023. Dr Lucas will
assist the Company until the end of the year to facilitate a smooth handover.
Clarissa's existing responsibilities as COO will be distributed internally and
the process of recruiting a replacement General Counsel and Company Secretary
is underway.

 

Julie Pomeroy, OCTP Non-Executive Chair commented: "On behalf of the Board and
all the staff of OCTP, I would like to thank John for his dedication and hard
work over the past several years, especially during the Company's IPO process
last year and his work in steering the Group towards its first in- human
clinical trials. The Board is grateful to him for his assistance with a
successful transition of responsibilities to Clarissa. We wish him every
success in the future.

 

"I am also delighted that Clarissa has agreed to take over the role of interim
CEO as we enter a new and very important phase of OCTP's development during
2023. Clarissa is already an established member of the team, having joined the
Company in 2018, and has been integral in the Company's development to date.
She has the Board's full backing and we very much look forward to working
together as we lead the Company through the next stage of its development
which includes the commencement of clinical trials. This is a pivotal period
for the Company as we develop our portfolio and create value add opportunities
for investors.  Clarissa will be actively engaged with shareholders to ensure
they are kept up to date with our progress over this exciting period."

Dr Lucas added: "I have very much enjoyed my tenure at OCTP. It has been a
challenging but rewarding experience. However, I feel the time is now right to
step aside. I'm leaving the Company in very capable hands and will be closely
following its continued development. I wish the team every success in the
future."

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

 Julie Pomeroy (Non-Executive Chair)

 Clarissa Sowemimo-Coker (COO)                 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

 Kamran Hussain                                +44 (0)20 3026 0320

 Richard Hutchison

 finnCap Ltd

 Geoff Nash/Fergus Sullivan                    +44 (0) 20 7220 0500

 Nigel Birks (ECM)

 Walbrook PR Limited                           +44 (0)20 7933 8780

 Paul Vann/Nick Rome                           +44 (0)7768 807631

                                               oxcantech@walbrookpr.com

About Oxford Cannabinoid Technologies Holdings plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd ("OCT") (together the "Group"), a
pharmaceutical Group developing prescription cannabinoid medicines for
approval by key medicines regulatory agencies worldwide and targeting the U$
multi-billion pain market. Cannabinoids are compounds found in the cannabis
plant that have been shown to have a range of therapeutic effects on the body,
including pain relief. The Group 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.

The Group's portfolio aims to balance risk, value and time to market, whilst
ensuring market exclusivity around all its key activities. The Group's lead
compound, OCT461201, is a highly potent and selective CB2 agonist and is being
developed by OCTP in a solid oral dosage form. OCTP is conducting pre-clinical
testing and development with clinical trials scheduled for Q1 2023. The
Group's product pipeline also uses a balanced drug product strategy that
employs both natural and synthetic compounds for the treatment of rare
diseases and includes chemically modified phytocannabinoids with improved
drug-like characteristics and a proprietary library of cannabinoids.

OCTP operates a partnership model with external academic and commercial
partners.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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