25th Jul 2022 12:05
(Alliance News) - Oxford Cannabinoid Technologies Holdings PLC on Monday reported its loss widening as expenses increased.
The company compared 11 month results to April 30 with the full-year ended May 31, 2021.
Pretax loss widened to GBP5.5 million from GBP3.4 million. Research costs multiplied to GBP2.9 million from GBP445,400. Oxford Cannabinoid generated no revenue during the period, unchanged from last year.
The Oxford-based pharmaceutical company explained it had progressed all of its four current drug development programmes. Its lead compound OCT461201 for a form of severe facial pain known as neuralgia is on course to start phase 1 clinical trials in the fourth quarter of 2022.
"Since the company's admission to the official list we have successfully progressed our research into cannabinoid-based prescription medicines, with our two lead programmes soon to move forward into first-in-human Phase 1 clinical trials," Chair Julie Pomeroy said.
"Internally we continue to focus on increasing shareholder value by delivering against our strategic plan which should deliver key value inflection points within [11] months as programmes 1 and 2 are due to complete phase 1 clinical trials," she added.
"Whilst successfully delivering against the strategy set out in our IPO prospectus, the board believe that the market has not yet fully recognised the true value of the group," the company said.
Oxford Cannabinoid shares rose 0.8% to 0.78 pence each in London on Monday morning.
By Tom Budszus; [email protected]
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