22nd Sep 2021 14:17
Oxford Cannabinoid Technologies Holdings PLC - London-based pharmaceutical company developing prescription cannabinoid medicines - Signs exclusive licensing agreement with Smiths Falls, Canada-based cannabis company Canopy Growth Corp. Agreement terms give OCT exclusive worldwide licence to Canopy's entire cannabinoid derivative library, including 335 derivatives of cannabidiol, tetrahydrocannabinol and cannabigerol, intellectual property rights and associated product research and development. OCT will pay "annual license fee plus additional payments based on developmental, regulatory and sales milestones and royalties on future sales". OCT began floating on London Main Market in May.
OCT agrees to develop and commercialise cannabidiol, tetrahydrocannabinol and cannabigerol into pharmaceutical drug products - at least one product per chemical - as part of deal.
"Acquiring an exclusive licence to Canopy Growth's pharmaceutical cannabinoid derivative library is a significant achievement for the Group and speaks volumes about our international reputation within our market," says OCT Chief Executive John Lucas.
Current stock price: 2.87 pence
Year-to-date change: down 43% since May 21
By Josie O'Brien; [email protected]
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