REG - Oxford Cannabinoid - Trading Update

Oxford Cannabinoid Technologies HoldingsAnnouncement

29/06/2022 07:01

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RNS Number : 5288Q  Oxford Cannabinoid Tech.Holdings  29 June 2022

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or "the Company")

 

Trading Update

 

Oxford Cannabinoid Technologies Holdings plc, the pharmaceutical company
developing prescription cannabinoid medicines targeting the US$ multi-billion
pain market, announces a trading update for the eleven-month period ended 30
April 2022 (the "Period").

 

Trading during the Period was in line with the Board's expectation, reflecting
good progress across all of its drug development programmes with the Company
providing increased visibility of its roadmap to phase one clinical trials,
which are expected in Q4 2022 and Q1 2023, for OCT130401 and OCT461201
respectively. By strengthening relationships with key industry partners and
targeted research, the Company has refined its development pathway further.

 

Financial Update

The Board expects to report financial results in line with management
expectations for the Period - with total costs before tax credits of
approximately £5.6m reflecting administrative costs and a circa £2.9m
investment in research and development. The closing cash at the period end was
£9.2m, as expected.

 

Operational Highlights

During the Period the Group entered into several agreements across all of its
drug development programmes, including with Aptuit (Verona) SRL, a subsidiary
of Evotec SE, Voisin Consulting SARL, Canopy Growth Corporation and Oxford
Stemtech Ltd, with the focus during the second half on its two lead
candidates.

 

Results from a pre-clinical pain study for lead compound, OCT461201, targeting
the global Chemotherapy Induced Peripheral Neuropathy ('CIPN') market provided
further evidence that the compound has potential as an effective therapy in
the treatment of CIPN in cancer patients. This market was valued globally at
US$1.61bn in 2020 and forecasted to reach US$2.37bn by the year 2027.

 

OCTP also entered into a five-year Master Service Agreement with Benuvia
Manufacturing Inc. ("Benuvia") for OCT130401 - its drug-device combination
delivering phytocannabinoids ("pCBs") to patients suffering from trigeminal
neuralgia ("TN"). This partnership is focused on the manufacture of the
drug-device combination for phase one clinical trials.

 

With a view to strengthening its focus on and capabilities within pre-clinical
research, clinical trials and the care of patients, the Company established a
scientific advisory board, highlighting its commitment to grow a best-in-class
network of scientific, academic and commercial partners.

 

Post Period end the Company announced the appointment of Axis Capital Markets
Limited as the Company's corporate broker with a view to further enhancing
liquidity and understanding of the Company's growth prospects within the
equity markets.

 

Outlook

The Board believes that the Company remains well placed to take advantage of a
growing pipeline of opportunities. With a diversified pipeline and the
potential to provide innovative solutions to the global pain market the Board
is confident that the Company will continue to build on recent momentum as it
continues to develop next generation, non-addictive pain medications.

 

John Lucas, CEO of Oxford Cannabinoid Technologies Holdings plc, said: "Life
as a public company has been exceptionally busy, with the funds raised when
OCTP joined the market in May 2021 enabling us to make significant progress
towards phase one clinical trials for our two lead candidates. Our plans to be
in the clinic with our two lead programmes by Q1 2023 and Q4 2022 respectively
are firmly on track and we look forward to providing further updates in due
course."

 

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

 Dr John Lucas (CEO)                           john@oxcantech.com (mailto:john@oxcantech.com)

 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

 Walbrook PR Limited                           +44 (0)20 7933 8780

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

                                               oxcantech@walbrookpr.com (mailto:oxcantech@walbrookpr.com)

 Harbor Access LLC

 Richard Leighton/Jonathan Paterson            +1 (475) 455 9403

                                               Richard.Leighton@HarborAccessllc.com

About Oxford Cannabinoid Technologies Holdings plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd ("OCT"), a pharmaceutical company
developing prescription cannabinoid medicines for approval by key medicines
regulatory agencies worldwide and targeting the U$ multi-billion pain
market (together the "Group"). 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 OCT in a solid oral dosage form. OCT 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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