Oxford Cannabinoid Technologies posts annual financial report

Published by

Tom Kilkelly

iStock

Pharmaceutical company Oxford Cannabinoid Technologies (OCTP) has announced its financial results for the year ended 30 April 2023.

The company reports a 'robust balance sheet' with no debts and a cash balance of £2.3 million at the time of reporting. Last year this balance was at £9.2 million, with the company expecting to fully utilise the balance by April 2024.

OCTP attributes the strong performance this year to a number of factors including: the completion and approval of pre-clinical research for OCT461201 (Programme 1) the Group's lead-compound and the submission of is first clinical trial application for OCT461201 by the Medicines and Healthcare products Regulatory Agency.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county

The firm also cites the appointment of Dr Tim Corn as Chief Medical Officer and its expansion into oncology as highlights, although both of these happened post the end of the financial year.

Julie Pomeroy, OCTP Non-Executive Chair, said: "This has been a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements.

''The dedication, expertise and relentless pursuit of excellence by our team has delivered the transition of OCT from pre-clinical stage to a clinical-stage pharmaceutical company.

''We have seen two of our programmes complete their pre-clinical stages during the year with one of them moving into a Phase I clinical trial in Q2 2023 and are well-positioned for future clinical developments."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.