Oxford Cannabinoid Technologies Holdings plc is formally expanding its research and development strategy into oncology having identified a potential "first in class" immunotherapy agent for the treatment of solid tumours. The Company's analysis of the initial data shows excellent drug-like potential in terms of in vitro potency and selectivity to target, as well as in vivo availability in blood. This implies substantive potential for the development of a cannabinoid-based medicine that could be taken at home, as a tablet.

The asset has arisen from the work being carried out on OCTP's cannabinoid library of almost 500 derivatives for the Company's Programme 4 and further demonstrates the value in OCTP's exclusive licence agreement with Canopy Growth Corporation. At this early stage of development, management believes the potency shown on the selected target in vitro, in addition to its in vivo behaviour, demonstrates significant potential. attention will now focus on further in vitro and in vivo studies to highlight the full potential of this lead-cand candidate.

This will be followed by a safety-pharmacology assessment before final candidate selection, likely during 2024. This work will be carried out using the existing cash resources of the Company. 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 the company'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 company are extremely excited to have identified a possible candidate that could have a significant impact on many people' lives.