Oxford Cannabinoid Technologies expanding research into cancer after identifying potential new treatment

By Giles Gwinnett

21 July 2023

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Oxford Cannabinoid Technologies Holdings (OTCP), which is developing cannabinoid medicines, revealed it was expanding its research into cancer, having identified a potential "first in class" immunotherapy agent to treat solid tumours.

This has arisen due to work on the firm's cannabinoid library of almost 500 derivatives in its Programme 4 and further demonstrated the value of the company's exclusive licence agreement with Canopy Growth Corp, OTCP said.

"Attention will now focus on further in vitro and in vivo studies to highlight the full potential of this lead-candidate. This will be followed by a safety-pharmacology assessment before final candidate selection, likely during 2024," the company added.

Clarissa Sowemimo-Coker, CEO of OCTP, told investors: "There is an urgent need for new cancer medications. The OCTP team has discovered a potential first-line-treatment alternative to existing therapies and their side effects which could provide a viable alternative to expensive biologics.

"Although we're at an early stage, this is exciting news for the company. As the potential of cannabinoid-based medicines to treat a range of conditions in a less harmful and more economic manner receives growing public recognition, OCTP stands at the forefront of research & development and we are extremely excited to have identified a possible candidate that could have a significant impact on many peoples' lives."

The company's programme 4 is targeting a share of a market of therapies against solid tumours projected to be worth US$532 million by 2032.

The pharmaceutical company is developing prescription cannabinoid medicines and targeting the multi-billion US dollar global pain market.

It currently has a portfolio of four drug development programmes. Its lead compound OCT461201 will initially target neuropathic and visceral pain and Phase 1 clinical trial results are expected in the third quarter of 2023.

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By Giles Gwinnett

Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.