Oxford Cannabinoid Technologies - Clinical headway rests on funding
Oxford Cannabinoid Technologies (OCT) has shared its FY23 results and summarised its ongoing activities. OCT completed preclinical research for OCT461201 (programme 1) and in July 2023 the first healthy volunteer was dosed in the Phase I safety study; results are expected in Q3 CY23. Management believes this programme will be Phase II ready by Q4 CY23, and plans to target neuropathic pain associated with chemotherapy-induced peripheral neuropathy (CIPN) and visceral pain in irritable bowel syndrome (IBS). OCT also completed preclinical research for OCT130401 (programme 2) and announced the company’s expansion into oncology (programme 4). As we push out our launch timelines for programme 1 to FY30 (FY29 previously; FY27 estimated by management) to reflect the current halt in development, update net cash and roll forward the model, our valuation adjusts to £25.3m or 2.6p per share (£26.1m or 2.7p/share previously). In line with management guidance, we have updated our cash runway to Q424 (Q124 previously) but emphasise the imminent need to raise funds to advance clinical activities.
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