Oxford Cannabinoid Technologies Takes Pain Drug into Phase I; Appoints Leading Pain Expert

Oxford Cannabinoid Technologies Holdings PLC (LSE:OCTP, OTCQB:OCTHF) (OCTP) said it has commenced its phase I clinical trial for the lead drug candidate, OCT461201, marking the administration of the first human dose.

Researchers will assess the pain relief treatment's safety, tolerability, and pharmacokinetic profile (how it interacts with the body).

Simbec Research, part of the Simbec-Orion Group Ltd, will conduct the trial on healthy volunteers using a single ascending dose protocol. The trial is fully funded by OCTP's existing resources and results are anticipated in the third quarter.

OCT461201 has shown preclinical data indicating its potential for reducing pain caused by chemotherapy-induced peripheral neuropathy (CIPN) - a market currently valued at $1.6bn globally.

Oxford Cannabinoid chief executive Clarissa Sowemimo-Coker said: "Both symbolically and commercially, this is an enormous milestone for OCTP. Whilst this is the culmination of years of hard work, it also lays down a marker for the future and signals the beginning of a bigger journey."

In another significant move, OCTP has bolstered its advisory team with the appointment of Dr William Paul Farquhar-Smith, a recognised expert in CIPN.

He is a consultant in pain medicine and anaesthetics at The Royal Marsden Foundation NHS Trust, leading the UK's only dedicated CIPN clinic.

Farquhar-Smith has a notable academic and research record, contributing to textbooks, authoring cancer pain management guidelines for the British Pain Society, and has published over 80 peer-reviewed original articles, chapters, and letters.

His extensive expertise will be instrumental in guiding OCTP's research and development efforts for its OCT461201 drug candidate, the company said.