2023 Final results
31 August 2023
Oxford Cannabinoid Technologies Holdings plc
("OCTP", or the "Company")
Final results for year ended 30 April 2023, filing of annual report and accounts and notice of annual general meeting
Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the pharmaceutical company developing prescription cannabinoid medicines, is pleased to announce its final results for the year ended 30 April 2023 (the "Period") ("Final Results"), as well as the filing of its Annual Report and Accounts.
Commenting on the results, Julie Pomeroy, OCTP Non-Executive Chair, said:
"This has been a defining year for Oxford Cannabinoid Technologies, marked by a number of major milestones and significant achievements. The dedication, expertise and relentless pursuit of excellence by our team has delivered the transition of OCT from pre-clinical stage to a clinical-stage pharmaceutical company. We have seen two of our programmes complete their pre-clinical stages during the year with one of them moving into a Phase I clinical trial in Q2 2023 and are well-positioned for future clinical developments."
Operational highlights
Completion of pre-clinical research for OCT461201 (Programme 1) the Group's lead-compound.
Submission of is first clinical trial application for OCT461201 by the Medicines and Healthcare products Regulatory Agency (MHRA) and Wales Research Ethics Committee 2 (REC 2)
Approval of the first Phase I clinical trial for OCT461201.
Completion of pre-clinical research for OCT130401 (Programme 2), a combination of inhaled phytocannabinoids for Trigeminal Neuralgia, now ready for Phase I clinical trials subject to additional funding.
First meeting of the Scientific Advisory Board leveraging the extensive experience of industry-leading experts to complement our patient-centric strategy.
Recognition in The Sunday Times Best Places to Work 2023 Awards in its small companies category.
Strengthening of the core team with the appointment of Paul Smalley as Group Finance Director and Rob Bennett as General Counsel and Company Secretary.
Ongoing work with existing commercial partners including Aptuit (Verona) SRL (a subsidiary of Evotec SE), Dalriada Drug Discovery Inc (Dalriada), Canopy Growth Corporation and Simbec Research Limited.
Appointment of Axis Capital Markets Limited as Corporate Broker.
Financial highlights
Robust balance sheet, debt-free with cash reserves of approximately £2.3m at year-end (30 April 2022: £9.2m). Cash is forecast to be fully utilised by April 2024.
Cash absorbed by operations of £7.0m (FY2022: £5.4m); Loss for year of £5.9m (30 April 2022: £4.7m).
Basic and diluted loss per share of (0.62p) (30 April 2022: 0.49p loss).
Cost savings continued, including closure of London office in April 2022, expected to generate savings of approximately £130k p.a.
Research costs (excluding salary costs) increased in line with budget to £4.3m (30 April 2022: £2.9m), of which £2.0m relates to OCT461201 and £1.9m on OCT130401. A further £0.4m was spent on Programmes 3 and 4 mainly relating to the development of CB1/CB2 agonists by Dalriada.
Operational costs increased from £2.3m to £2.7m, including salaries and associated costs of £1.4m.
Exceptional items of £0.1m (30 April 2022: £0.3m) relate to share based (non-cash) payment charges. R&D tax credit in the period of £1.1m (30 April 2022: £0.8m), with tax losses surrendered for the R&D tax credit payment.
Post period-end highlights
MHRA and REC 2 approval of Phase I clinical trial application for OCT461201.
Appointment of Dr Tim Corn as Chief Medical Officer, further strengthening the core team.
Expansion into oncology with a potential "first-in-class" immunotherapy agent for solid tumours.
Successful administration of the first-in-human dose of OCT461201, as part of its Phase I clinical trial.
On current trading and prospects, Clarissa Sowemimo-Coker, CEO, added:
“The successful advance of our lead drug candidate, OCT461201, to its Phase I clinical trial, marks a major milestone for Oxford Cannabinoid Technologies and is the culmination of years of patient research and endeavour. This brings us one step closer to delivering a vital solution to meet the needs of patients living with chronic pain conditions. During FY2022-23, we continued to deploy our cash and resources prudently, ensuring that we are well-positioned to meet our future objectives in order to develop therapies that can transform the lives of patients everywhere."
Press release continues…