OXFORD CANNABINOID TECHNOLOGIES HOLDINGS PLC (Alliance News) - Oxford Cannabinoid Technologies Holdings PLC on Monday reported a widened half-year loss as research costs ballooned.
Oxford Cannabinoid is a cannabinoid medicines-focused pharmaceutical firm. Its shares fell 10% to 0.90 pence each on Monday afternoon in London.
In the six months to October 31, pretax loss widened to GBP4.5 million from GBP2.3 million a year prior. It reported no revenue, unchanged year-on-year.
Research costs ticked up to GBP3.1 million from GBP934,513. The company said its lead drug candidate OCT461201 accounted for GBP1.5 million of the total research costs.
OCT461201 "is a selective cannabinoid receptor type 2 agonist which has shown potential as an effective therapy for chemotherapy induced peripheral neuropathy as well as irritable bowel syndrome".
The company said it is on target to be at a lead stage for programme 4 in the second quarter of the year and to reach pre-clinic stage for programme 3 in the same period.
Interim Chief Executive Officer Clarissa Sowemimo-Coker said: "This was a busy and pivotal period for the company and we are delighted with the progress. The groundwork has been laid for an exciting 2023, with our focus firmly on the commencement of the phase I clinical trial for programme 1. We have worked hard as a team to get to this point which represents a hugely significant milestone for the company and our shareholders."
By Tom Budszus, Alliance News reporter
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