26th Aug 2022 10:37
(Alliance News) - Oxford Cannabinoid Technologies Holdings PLC on Friday announced the reallocation of its existing budget, in the face of growing market uncertainty and a challenging macro-economic outlook.
Also on Friday, the cannabinoid medicines-focused pharmaceutical firm said that Finance Director Karen Lowe will be stepping down from her role after a year at the company since 2021, in order to focus on her consultancy business.
Prior to this, she was director of Loss Prevention & Legal Compliance at International Personal Finance PLC for two years from 2018 to 2020.
Oxford Cannabinoid said it has already started the search for a successor.
As a result of the budget review, Oxford Cannabinoid has decided to temporarily delay the phase one clinical trials of its second programme OCT130401.
Shares in Oxford Cannabinoid were 7.1% lower at 0.83 pence on Friday morning in London.
However, the phase one trials for the lead programme OCT461201 remains on-track and on-budget, to start in January 2023.
The budget review also means that existing funds will be extended to the final quarter of 2023, instead of being fully used by April. Pre-clinical work for OCT130401 will continue, to ensure that the trial is ready to start in early 2023.
"The re-allocation measures that the company has announced are both forward looking and precautionary, reflecting the duty we have to our stakeholders, and the board's commitment to delivery of our current programmes. These steps are prudent and ensure that OCTP is best placed for long term success," said Chair Julie Pomeroy.
"I would also like to wholeheartedly thank Karen for her contribution to the company. Karen has been a valued colleague at OCTP since initially agreeing to join us as a non-executive director in February 2021. Her swift transition from potential NED to group finance director is indicative of the regard we have for Karen and her significant contribution to the company during her tenure," Pomeroy added.
By Dayo Laniyan; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
OCTP.L