Oxford Cannabinoid Technologies appoints new interim CEO after John Lucas steps down

By Sam Pither

7 December 2022

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Oxford Cannabinoid Technologies has appointed a new interim CEO after John Lucas stepped down

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Oxford Cannabinoid Technologies, a medicinal cannabinoid pharmaceutical firm, has appointed Clarissa Sowemimo-Coker to the role of interim CEO after John Lucas stepped down from the role.

Sowemimo- Coker, who is currently Chief Operating Officer, will lead the firm the firm as its OCT461201 programme, which could be used to treat neuropathic and visceral pain, programme goes through phase one clinical trials, results for which are expected in quarter two of next year.

Julie Pomeroy, OCTP non-executive chair, said: "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.

"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.”

Between Monday morning and Tuesday lunchtime, the company’s stock rose 11.3 per cent, experiencing an overall five-day rise of around 4 per cent.

Dr Lucas said: "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."

Featured image credit: iStock

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.