Oxford Cannabinoid Technologies (OCT) has announced its H124 results (to end-October 2023), an eventful period for the company, marked by successful clinical progression of lead asset OCT461201, albeit with some funding challenges. Key highlights included the initiation and subsequent positive safety data from OCT’s first Phase I clinical trial (Programme 1) and a foray into oncology (Programme 4). Tight funding conditions halted subsequent clinical progress, although the recently announced £1.3m R&D tax rebate, £1.2m fund-raise and planned clinical progression for second asset OCT130401 (Programme 2) offer signs of a potential revival in activity. We estimate that the fresh capital will support runway extension into Q4 CY24. Our valuation of the company stands at £25.3m or 2.6p per share, although we estimate the company needing additional funds towards the end of CY24 to further the company’s clinical pipeline.

Based in the UK, Oxford Cannabinoid Technologies is focused on advancing cannabinoid medicines for the treatment of pain and other indications. Lead asset OCT461201 is a CB2 selective agonist being investigated for the treatment of neuropathic pain associated with chemotherapy-induced peripheral neuropathy and visceral pain in irritable bowel syndrome as initial pain indications. These therapies would be an alternative to opioid therapies, which have been limited in distribution in light of the opioid abuse epidemic. New drugs that target the endocannabinoid system may represent an innovative solution to address this need. In this interview, CEO Clarissa Sowemimo-Coker provides a recap of the company’s efforts and pipeline.