Post IPO Review & Notice of Trading Update

RNS Number : 6722G

Oxford Cannabinoid Tech.Holdings

28 July 2021

 

28 July 2021

Oxford Cannabinoid Technologies Holdings plc

Post IPO Review

&

Notice of Pre-Close Trading Update

Oxford Cannabinoid Technologies Holdings plc ("OCTP" or the "Company"), is the holding company of Oxford Cannabinoid Technologies Ltd ("OCT") (together the "Group"), a UK pharmaceutical company focussed on developing a portfolio of cannabinoid-based prescription medicines, approved by medicines regulatory agencies which target the pain market. The Company is pleased to provide an update following its £16.5 million fundraise and admission to the standard segment of the Official List and to trading on the London Stock Exchange Group plc's Main Market for listed securities in May 2021 (together "Admission").

Since Admission, the Group has entered into two important commercial agreements which will contribute significantly not only to the development of its lead compound, OCT461201, but also to a number of its other drug development programmes

On 1 June 2021, the Group announced an agreement with Voisin Consulting SARL ("VC"), a life sciences consultancy comprising over 200 professionals in the UK, US and India, with expertise in medical devices, cannabinoids, neurological disorders and addictions. The agreement with VC provides OCT with support and advice on its regulatory strategy and a roadmap for its drug development programmes in the UK and the US and, subsequently, in Europe. This includes First Time in Human ("FTiH") clinical trials, which are expected to commence in 2022, for the Group's lead compound OCT461201, a selective cannabinoid receptor type 2 ("CB2") agonist with initial indications in the areas of post herpetic neuralgia and visceral pain caused by irritable bowel syndrome.

A further development was announced on 6 July 2021 with OCT signing a service agreement with Aptuit (Verona) SRL, a subsidiary of Evotec SE, a fully integrated drug discovery and development company, based in Germany, with a market capitalisation of approximately €5.7billion as at the date of this announcement. This agreement will provide access to Evotec's technology platform to further accelerate the development of OCT461201 towards phase 1 clinical trials aimed at demonstrating its safety and tolerability by utilising its "INDiGO" programme, an integrated drug development process for expediting early drug candidates to the clinical trial stage. The programme is scheduled to run for approximately 12 months and is specifically tailored to provide comprehensive manufacturing, safety and toxicology packages for regulatory submissions to the UK's Medicines & Healthcare products Regulatory Agency ("MHRA") and in the US, The Food & Drug Administration ("FDA").

OCTP intends to issue a trading update for the financial year ended 31 May 2021, in mid-August ahead of entering its Closed Period (as defined under the Market Abuse Regulation). Publication of its final results for the year ended 31 May 2021 will be approximately one month later.

Commenting on developments since Admission, Dr John Lucas, OCTP's Chief Executive Officer, said:

"I am delighted with the Company's progress across all fronts. The Board agrees that we are off to a great operational start as a public company with the two partnership agreements signed recently, and we remain firmly on schedule to deliver the drug development timeline set out in our prospectus dated 17 May 2021. The Group will continue to develop its drug pipeline and its proprietary, unique library of cannabinoid derivative compounds. Furthermore, we have visibility over a number of exciting developments and a clear path to growth.

By utilising a range of inputs, the Group is creating a drug development portfolio that is intended to maximise the therapeutic potential of cannabinoids, long-term market value and market exclusivity across its activities."

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]
Walbrook PR Limited Paul Vann Nick Rome	[phone] [phone] [e-mail]

About Oxford Cannabinoid Technologies Holdings Plc :

Oxford Cannabinoid Technologies Holdings plc is the holding company of Oxford Cannabinoid Technologies Ltd, a pharmaceutical company that aims to be a leader in the development of licensed cannabinoid drugs that target pain (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 aims to bring 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 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, including the University of Oxford with whom OCT has had an umbrella research collaboration since 13 March 2018.

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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