The medicinal cannabis maker, Oxford Cannabinoid Technologies (OCT), said it has made “very good progress” in advancing all four of its current drug development programmes and believes it remains on schedule to bring its products to market.
OCT is focused on medicines that mimic the painkilling effects of cannabis with a portfolio of four drug candidates under development as licensed pain medicines.
The aim is to commercialise the company’s first drug in 2027.
The lead drug candidate, OCT461201, which has reached the stage of pre-clinical testing, has been licensed from Japan’s AskAt under a licence agreement that gives exclusive rights on a worldwide basis.
In a trading update for the year to the end of May, OCT said that its cash levels at the year-end were £14.6m, with a total of £1.15m spent in the current year on drug development, most of it on OCT461201.
Since the year-end, the company has also signed an agreement with Evotec, which will provide regulatory documents and a drug batch approved and ready for the start of in-human trials.
OCT added it has also applied for its shares to be listed on the OTC QB market in the US.
OCT, which is headed by Dr John Lucas, secured a listing on the London Stock Exchange’s main market in May after raising £16.5m from investors to help the company develop its cannabinoid-based prescription medicines.
Dr Lucas has more than 20 years’ experience in the pharmaceutical industry including as vice president of worldwide intellectual property at France’s GenSet, and in the same position at Transform Pharmaceuticals in Massachusettes.