Oxford Cannabinoid Technologies shares half year results after first clinical trial
Oxford Cannabinoid Technologies (OCT), a biotech firm developing prescription cannabinoid medicines, has shared interim results for the six months ended 31 October 2023.
That period saw the successful completion of the company’s first phase I clinical trial for its lead programme, OCT461201, backed by a £1.1 million investment.
The programme involves a drug candidate with the potential to treat irritable bowel syndrome and chemotherapy-induced peripheral neuropathy.
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Over the past half year, OCT has also discovered a potential leading immunotherapy agent for the treatment of solid tumours and appointed Dr Tim Corn to the executive management team.
Its cash balance stood at £1.1 million at the end of October following cutbacks in salaries and overheads.
CEO Clarissa Sowemimo-Coker said: “It’s been a hugely exciting period of activity and we’re delighted with the progress that’s been made.
“In particular, successfully completing our first clinical trial is a huge milestone for the company, and the whole team is rightly proud of that achievement.”
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