Oxford Cannabinoid
Technologies Holdings plc
("OCTP" or the
"Company")
£1.275m HMRC R&D
tax credit
Oxford Cannabinoid Technologies
Holdings plc (LSE: OCTP), the biotech company developing
prescription cannabinoid medicines, is pleased to announce that it
has received confirmation of a £1.275m R&D tax credit from HMRC
in respect of the financial year ended 30 April 2023.
The payment relates to the work
carried out on OCTP's four drug development programmes during the
financial year ended 30 April 2023. This included completing
pre-clinical work on programme 1, OCT461201, and programme 2,
OCT130401, which enabled OCTP to initiate Phase I clinical trials
for programme 1 in the following financial year. OCTP announced
successful completion of OCT461201's Phase I single ascending dose
("SAD") clinical trial in
October 2023.
Harnessing the benefits of R&D
tax credits is an important part of OCTP's strategy, during its
programmes' pre-clinical and clinical stages. In line with this
strategy, OCTP identifies opportunities for the maximisation of tax
credits, wherever practicable, when selecting partners for its
pre-clinical and clinical trials, and employs R&D tax
specialists to utilise allowances and ensure compliance with the
competent tax authorities. In this approach, OCTP aims to maximise
its revenue streams and optimise its cash runway through continuous
reinvestment in its programmes moving them along the glidepath
towards regulatory approval and commercialisation.
Clarissa Sowemimo-Coker, Chief
Executive Officer of OCTP, said:
"We are delighted to have confirmation of a £1.275m R&D
tax credit from HMRC for work successfully undertaken during the
financial year ended 30 April 2023. This is our strategy of
maximising our revenue streams and tax credits in action, and
receiving the full amount claimed is testament to the diligence,
rigour, and hard work of our CFO Paul Smalley and his team. The tax
credit is almost double the size of that which was remitted to the
Company by HMRC in FY 2022, reflecting the significantly enhanced
investment in research and development that we have made over the
last 12 months and the tremendous progress the Company has made
over the period. The merits of this R&D investment have shone
through over the past year with the completion of OCT461201's Phase
I SAD clinical trial and OCT130401 completing all its pre-clinical
work."
This announcement contains inside
information for the purposes of Article 7 of EU Regulation 596/2014
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018).
The Directors of the Company accept
responsibility for the content of this announcement.
Enquiries:
Oxford Cannabinoid Technologies Holdings plc
|
+44 (0)20 3034 2820
|
Clarissa Sowemimo-Coker
(CEO)
|
clarissa@oxcantech.com
|
|
|
Cairn Financial Advisers LLP
|
|
Emily Staples
|
+44 (0)20 7213 0897
|
Jo Turner
|
+44 (0) 20 7213 0885
|
|
|
Axis Capital Markets Limited
|
|
Richard Hutchison
|
+44 (0)20 3026 0320
|
|
|
Acuitas Communications
|
020 3745 0293 / 07799
767676
|
Simon Nayyar
|
simon.nayyar@acuitascomms.com
|
Arthur Dingemans
|
arthur.dingemans@acuitascomms.com
|
About Oxford Cannabinoid
Technologies Holdings Plc:
Oxford Cannabinoid Technologies
Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid
Technologies Ltd (together the
"Group"), a pharmaceutical
Group developing prescription cannabinoid medicines initially
targeting the US$ multi-billion global pain market.
OCTP currently has a portfolio of
four drug development programmes. Its lead compound, OCT461201,
will initially target neuropathic and visceral pain (including
irritable bowel syndrome ("IBS") and chemotherapy induced
peripheral neuropathy ("CIPN"). The global market for CIPN alone
is currently forecast to reach US$1.17bn by 2028.
OCTP's drug development pipeline
comprises both natural and synthetic compounds, and includes
compounds targeting trigeminal neuralgia, a severe type of face
pain, and cannabinoid derivatives targeting pain and
potentially other therapeutic areas. Having established an
exclusive licence agreement with Canopy Growth Corporation for
their entire pharmaceutical cannabinoid derivative library, OCTP
now has a portfolio of almost five hundred derivatives and
intellectual property rights including fourteen patent families and
associated research data.
OCTP has a clearly defined path to
commercialisation, revenues and growth. The Group is developing
drug candidates through clinical trials to gain regulatory approval
(FDA/MHRA/EMA) that will enable medical professionals to prescribe
them with confidence. OCTP's portfolio aims to balance risk, value
and time to market, whilst ensuring market exclusivity around all
its key activities.