Oxford Cannabinoid Applied sciences Holdings plc (LSE: OCTP)reported its monetary outcomes for the yr ending on April 30, 2023. Whereas the corporate didn’t report any revenues, it did notice that it has a strong stability sheet, debt-free with money reserves of roughly £2.3 million. Oxford additionally acknowledged that its money is forecast to be absolutely utilized by April 2024.
Nonetheless, the loss for the yr was £5.9 million versus final yr’s lack of £4.7 million. The fundamental and diluted loss per share was (0.62p) versus final yr’s loss per share of (0.49p).
Julie Pomeroy, OCTP Non-Govt Chair, mentioned, “This has been a defining yr for Oxford Cannabinoid Applied sciences, marked by quite a lot of main milestones and vital achievements. The dedication, experience, and relentless pursuit of excellence by our crew have delivered the transition of OCT from a pre-clinical stage to a clinical-stage pharmaceutical firm. We’ve seen two of our applications full their pre-clinical levels through the yr with one in all them shifting right into a Part I medical trial in Q2 2023 and are well-positioned for future medical developments.”
Oxford mentioned in an announcement that it has continued to scale back bills partly by closing its London workplace in April 2022, which is anticipated to generate financial savings of roughly £130,000. The corporate acknowledged that its analysis prices (excluding wage prices) elevated according to price range to £4.3m, of which £2.0m pertains to its OCT461201 drug and £1.9m on its drug OCT130401. An extra £0.4m was spent on Programmes 3 and 4 primarily regarding the event of CB1/CB2 agonists by Dalriada.
Operational prices elevated from £2.3m to £2.7m, together with salaries and related prices of £1.4m.
OCTP at present has a portfolio of 4 drug improvement applications. Its lead compound, OCT461201, will initially goal neuropathic and visceral ache (together with irritable bowel syndrome and chemotherapy-induced peripheral neuropathy, with the Part I medical trial, aimed toward demonstrating security and tolerability. Trial outcomes are anticipated within the third quarter of 2023. The worldwide marketplace for CIPN alone is at present valued at $1.61 billion and is forecast to achieve $2.37 billion by the yr 2027.
Clarissa Sowemimo-Coker, CEO, added, “The profitable advance of our lead drug candidate, OCT461201, to its Part I medical trial, marks a significant milestone for Oxford Cannabinoid Applied sciences and is the end result of years of affected person analysis and endeavour. This brings us one step nearer to delivering an important resolution to fulfill the wants of sufferers dwelling with continual ache circumstances. Throughout FY2022-23, we continued to deploy our money and assets prudently, guaranteeing that we’re well-positioned to fulfill our future targets with the intention to develop therapies that may remodel the lives of sufferers in every single place.”
After the tip of the corporate’s yearly reporting, Oxford acknowledged that it acquired MHRA and REC 2 approval of the Part I medical trial utility for OCT461201. The corporate additionally appointed Dr Tim Corn as Chief Medical Officer, additional strengthening the core crew.
The corporate has expanded into oncology with a possible “first-in-class” immunotherapy agent for stable tumors. It additionally reported the profitable administration of the first-in-human dose of OCT461201, as a part of its Part I medical trial.
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