Oxford Cannabinoid Technologies confirms clinical trials for two key products
Oxford Cannabinoid Technologies (OCT) has provided an update for its investors, reconfirming the timelines on its two primary assets alongside its full-year results.
Compound OCT461210, which is being developed to treat neuropathic and visceral pain, will enter the first phase of trials in the first quarter of next year, and OCT 130401, an inhaled treatment for trigeminal neuralgia, will enter the clinic in quarter four of this year.
OCT has reached an agreement with Simbec Research, who perform contract research, to carry out phase I testing.
John Lucas, Chief Executive of OCT, said: “The work that's been completed during the period means that we will be in phase I clinical trials with our two lead programmes
In terms of financial reports, as of the period end on May 31, the group reported £9.2 million cash. This was down from last year, when the group reported £14.6 million.
The nature of drug development means that companies in the sector are often loss-making, at least in the early stages. The firm reported a deficit for the period of £5.4 million. Research and development cost the firm £2.9 million, while operational costs rose to £2.3 million.