13th Oct 2021 18:27
Oxford Cannabinoid Technologies Holdings PLC - London-based pharmaceutical company developing prescription cannabinoid medicines - Posts widened pretax loss for financial 2021 on higher costs related to May's initial public offering. For year ended May 31, pretax loss widens to GBP3.4 million from GBP2.4 million last year. Generates no revenue and books exceptional costs of GBP1.4 million incurred relating to the admission to the official list and to trading on the London Stock Exchange.
Chair Neil Mahapatra says: "The operational outlook for the business remains extremely positive: we are now approximately twelve months away from commencing two clinical trials and can also look to expanding the indications we are targeting. Our financial results confirm that the company remains well-capitalised and is well-placed to meet the timelines to commercialisation set out in our IPO prospectus in May.
"The fundamentals of the group are strong, and we remain on track to build shareholder value on time and within budget. We are confident that the group will deliver on its strategy and become a global entity in its field - it is a privilege to have our shareholders on the journey with us."
Current stock price: 2.68 pence, down 46% from IPO price of 5.00p.
By Arvind Bhunjun; [email protected]
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