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.
READ MORE: Oxford Cannabinoid Technologies appoint new CEO and renews licence
"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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