REG - Oxford Cannabinoid - Directorate Changes

Oxford Cannabinoid Technologies HoldingsAnnouncement

29/02/2024 07:15

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RNS Number : 8615E  Oxford Cannabinoid Tech.Holdings  29 February 2024

 

Oxford Cannabinoid Technologies Holdings plc

("OCT" or the "Company")

 

Directorate Changes

 

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

Bishrut Mukherjee, Non-Executive Director, has notified the board of his
intention to step down from his role in order to focus on other business
interests. Bishrut has served the Company for over five years, since joining
OCT in January 2019.

Richard Hathaway, Non-Executive Director, has also notified the board of his
intention to step down from his role in order to be able to devote more time
to his other duties and responsibilities as Corporate Development Director at
Imperial Brands plc ("Imperial"). Richard joined the board of OCT in February
2022 as a representative of Imperial Brands Ventures Limited, a wholly owned
subsidiary of Imperial. Imperial remains a significant and supportive
shareholder of the Company and Richard will continue in his role as
shareholder liaison.

Bishrut and Richard will leave the Company on 31 March 2024.

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

"On behalf of everyone at OCT, I would like to thank Bishrut and Richard for
their invaluable support and counsel over recent years which the Company has
greatly benefited from. Bishrut has been with us since pre-IPO and we are
grateful to him for his contribution to OCT's journey during which time we
have transformed into a clinical stage biotech company. Richard has
represented the voice of our shareholder, Imperial Brands, as well as
providing strategic advice and support as the Company and the team have grown
over the last two years. My colleagues and I wish Bishrut and Richard all the
best with their future endeavours."

Bishrut Mukherjee, Non-Executive Director of OCT, said:

"It has been a privilege to serve as a Non-Executive Director of OCT from the
Company's earliest stages. Since 2019, I have seen it achieve significant
milestones including its IPO on the London Stock Exchange, its expansion into
oncology, its commencement of Phase I Clinical Trials for Programme 1, our
recent fundraising, and, now, its upcoming Phase I Clinical Trial for
Programme 2. After five years I feel that now is the right time to step back.
I wish the Company all the best and will watch with great interest its future
progress."

Richard Hathaway, Non-Executive Director of OCT, said:

"I have very much enjoyed my time serving on the board of OCT as part of a
team of energetic, clever and collegiate colleagues, and remain warmly
supportive of the Company and its mission. I want to take this opportunity to
wish the Company continued success in its rapidly growing programmes of work
designed to harness the therapeutic power of cannabinoids to help millions of
people living with debilitating conditions."

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:

OCT is the holding company of Oxford Cannabinoid Technologies Ltd and OCT
Victoria Pty Ltd (together the "Group"), a pharmaceutical Group developing
prescription cannabinoid medicines initially targeting the US$ multi-billion
global pain market.

 

OCT 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.

 

OCT's drug development pipeline comprises both natural and synthetic
compounds, and includes compounds 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, OCT now has a portfolio of almost five hundred derivatives
and intellectual property rights including fourteen patent families and
associated research data.

 

OCT 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. OCT's portfolio aims to balance risk, value and time to
market, whilst ensuring market exclusivity around all its key activities.

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