Directorate Change

RNS Number : 5084T

Oxford Cannabinoid Tech.Holdings

24 November 2021

 

Oxford Cannabinoid Technologies Holdings plc

Director Resignation

Oxford Cannabinoid Technologies Holdings plc ("OCTP" or the "Company"), the holding company of Oxford Cannabinoid Technologies Ltd ("OCT"), (together, the "Group"), a company developing licensed prescription cannabinoid medicines for approval by regulatory agencies worldwide and targeting the U$ multi-billion pain market, announces that notwithstanding his re-election at the Company's Annual General Meeting held earlier today, the Board has today been informed by Gavin Sathianathan that he wishes to retire from the Board with immediate effect to focus full-time on his role as Chief Executive Officer at Alta Flora Limited.

Mr Sathianathan retains his options over 2,401,039 Ordinary Shares with an exercise price of £0.065 per option. The exercise period for the options is staggered over three years with one third of the options granted vesting each year commencing on the first anniversary of the date of grant, which was 21 May 2021.

The Board would like to take this opportunity to thank Gavin for his involvement and wish him well for the future.

Gavin Sathianathan said: "I remain fully supportive of the Company and look forward to playing an active role as a key shareholder in the future."

The Company's CEO Dr John Lucas said: "We're hugely grateful to Gavin for the enthusiasm and expertise he has shared with us during his time with the Company and we all wish him well for 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 Dr John Lucas (CEO) Clarissa Sowemimo-Coker (COO)	[phone] [e-mail] [e-mail]
Cairn Financial Advisers LLP Emily Staples Jo Turner	[phone] [phone]
Walbrook PR Limited Paul Vann Nicholas Johnson	[phone] [phone] [e-mail]

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 pre-clinical trials scheduled for 2022. The Group's product pipeline also uses a balanced drug product strategy that employs phytocannabinoids, cannabinoid derivatives and other novel compounds for the treatment of pain.

OCTP operates a partnership model with external academic and commercial partners, including the University of Oxford.

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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