20th Jul 2022 14:41
(Alliance News) - Oxford Cannabinoid Technologies Holdings PLC on Wednesday said it has entered a master service agreement regarding its neuropathy drug candidate with Pentrebach, Wales-based Simbec Research Ltd, which is part of Simbec-Orion Group Ltd.
Oxford Cannabinoid said the agreement for its chemotherapy-induced peripheral neuropathy drug candidate is "for its first-in-human phase 1 clinical trial for its lead compound, OCT461201, due to commence in the first quarter of 2023". It will be performed in the UK in healthy volunteers.
"OCT461201 is a selective cannabinoid receptor type 2 agonist which has shown potential as an effective therapy for chemotherapy-induced peripheral neuropathy as well as irritable bowel syndrome," the company said.
"The trial will be aimed at demonstrating the safety and tolerability of the drug product," the firm added.
The market for chemotherapy-induced peripheral neuropathy is worth USD1.61 billion as of 2020 and will rise to USD2.37 billion by 2027, Oxford Cannabinoid said.
"Under the terms of the master service agreement Simbec-Orion shall provide services to Oxford Cannabinoid Technologies Holdings on a call-off basis and as specified in individually agreed work orders," it explained.
The firm expects interim results in March 2023 and full results in the second quarter of 2023.
The Oxford-based pharmaceutical company added that in order to start, the trial requires regulatory approval from the UK Medicines & Healthcare products Regulatory Agency.
Oxford Cannabinoid shares fell 2.9% to 0.75 pence each in London on Wednesday afternoon.
By Tom Budszus; [email protected]
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