REG - Oxford Cannabinoid - R&D Tax Credit

Oxford Cannabinoid Technologies HoldingsAnnouncement

30/01/2024 07:15

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RNS Number : 2988B  Oxford Cannabinoid Tech.Holdings  30 January 2024

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or the "Company")

 

 £1.275m HMRC R&D tax credit

Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the biotech company
developing prescription cannabinoid medicines, is pleased to announce that it
has received confirmation of a £1.275m R&D tax credit from HMRC in
respect of the financial year ended 30 April 2023.

The payment relates to the work carried out on OCTP's four drug development
programmes during the financial year ended 30 April 2023. This included
completing pre-clinical work on programme 1, OCT461201, and programme 2,
OCT130401, which enabled OCTP to initiate Phase I clinical trials for
programme 1 in the following financial year. OCTP announced successful
completion of OCT461201's Phase I single ascending dose ("SAD") clinical trial
in October 2023
(https://www.londonstockexchange.com/news-article/OCTP/phase-i-clinical-trial-results/16159363)
.

Harnessing the benefits of R&D tax credits is an important part of OCTP's
strategy, during its programmes' pre-clinical and clinical stages. In line
with this strategy, OCTP identifies opportunities for the maximisation of tax
credits, wherever practicable, when selecting partners for its pre-clinical
and clinical trials, and employs R&D tax specialists to utilise allowances
and ensure compliance with the competent tax authorities. In this approach,
OCTP aims to maximise its revenue streams and optimise its cash runway through
continuous reinvestment in its programmes moving them along the glidepath
towards regulatory approval and commercialisation.

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

"We are delighted to have confirmation of a £1.275m R&D tax credit from
HMRC for work successfully undertaken during the financial year ended 30 April
2023. This is our strategy of maximising our revenue streams and tax credits
in action, and receiving the full amount claimed is testament to the
diligence, rigour, and hard work of our CFO Paul Smalley and his team. The tax
credit is almost double the size of that which was remitted to the Company by
HMRC in FY 2022, reflecting the significantly enhanced investment in research
and development that we have made over the last 12 months and the tremendous
progress the Company has made over the period. The merits of this R&D
investment have shone through over the past year with the completion of
OCT461201's Phase I SAD clinical trial and OCT130401 completing all its
pre-clinical work."

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 US$ 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 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, 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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