Directorate Change

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 Julie Pomeroy (Non-Executive Chair) Clarissa Sowemimo-Coker (COO)	[phone] [e-mail]
Cairn Financial Advisers LLP Emily Staples Jo Turner	[phone] [phone]
Axis Capital Markets Limited Kamran Hussain Richard Hutchison finnCap Ltd Geoff Nash/Fergus Sullivan Nigel Birks (ECM) Walbrook PR Limited Paul Vann/Nick Rome	[phone] [phone] [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") (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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