Directorate Appointment
Oxford Cannabinoid Technologies Holdings plc
("OCTP" or the "Company")
Directorate Appointment
Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the pharmaceutical company developing prescription cannabinoid medicines, announces the following Board appointment.
Reflecting his exceptional experience and valued contribution to the progress of OCTP, the Company is pleased to announce the appointment of Dr Tim Corn, Chief Medical Officer ("CMO"), as an executive director, effective immediately. As announced on 8 June 2023, Dr Corn joined OCTP as CMO to oversee the Company's clinical research and development activities as well as to provide expert medical guidance and advice to the team. Since joining, the Company has successfully completed its first Phase I clinical trial, a single ascending dose study of its lead compound OCT461201.
Dr Corn, formerly Chief Medical Officer International at Jazz Pharmaceuticals plc, has played a key role in the successful conclusion of more than twenty regulatory approvals in the US and Europe and is the author of more than forty scientific publications. He was elected Fellow of both the Faculty of Pharmaceutical Medicine and the Royal College of Psychiatrists.
Clarissa Sowemimo-Coker, Chief Executive Officer of OCTP, said:
"I'm delighted that Tim has agreed to join our board of directors. His record speaks for itself and his comprehensive experience of drug development, from its early stages through to regulatory approval and commercialisation is hugely valuable for OCTP. I am confident that his contribution will be invaluable to the Board as OCTP takes its next steps on the clinical pathway for both OCT461201 and our other programmes".
Dr Tim Corn, Chief Medical Officer of OCTP, said:
"I am very pleased to have been asked to join the Board of OCTP. I am proud to have been able to contribute to the progress that the business has been making, particularly in expanding into oncology and successfully completing the Phase I single ascending dose study for its lead programme. As we move forward to the next stage of clinical development for this and our other programmes, I am delighted to be able to put at the disposal of the Board my clinical experience to help to support the Company's progress at this exciting moment for the business."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The Directors of the Company accept responsibility for the content of this announcement.
Enquiries:
Oxford Cannabinoid Technologies Holdings plc
+44 (0)20 3034 2820
Clarissa Sowemimo-Coker (CEO)
clarissa@oxcantech.com
Cairn Financial Advisers LLP
Emily Staples
+44 (0)20 7213 0897
Jo Turner
+44 (0) 20 7213 0885
Axis Capital Markets Limited
Richard Hutchison
+44 (0)20 3026 0320
Acuitas Communications
020 3745 0293 / 07799 767676
Simon Nayyar
simon.nayyar@acuitascomms.com
Arthur Dingemans
arthur.dingemans@acuitascomms.com
About Oxford Cannabinoid Technologies Holdings Plc:
Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company of Oxford Cannabinoid Technologies Ltd (together the "Group"), a pharmaceutical Group developing prescription cannabinoid medicines initially targeting the U$ multi-billion global pain market.
OCTP currently has a portfolio of four drug development programmes. Its lead compound, OCT461201, will initially target neuropathic and visceral pain (including irritable bowel syndrome ("IBS") and chemotherapy induced peripheral neuropathy ("CIPN"). The global market for CIPN alone is currently forecast to reach US$1.17bn by 2028.
OCTP's drug development pipeline comprises both natural and synthetic compounds, and includes products targeting trigeminal neuralgia, a severe type of face pain, and cannabinoid derivatives targeting pain and potentially other therapeutic areas. Having established an exclusive licence agreement with Canopy Growth Corporation for their entire pharmaceutical cannabinoid derivative library, OCTP now has a portfolio of almost five hundred derivatives and intellectual property rights including fourteen patent families and associated research data.
OCTP has a clearly defined path to commercialisation, revenues and growth. The Group is developing drug candidates through clinical trials to gain regulatory approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe them with confidence. OCTP's portfolio aims to balance risk, value and time to market, whilst ensuring market exclusivity around all its key activities.