London Stock Exchange welcomes Oxford Cannabinoid Technologies Holdings plc to the Main Market

London Stock Exchange today welcomes Oxford Cannabinoid Technologies Holdings plc (“OCT”) as it begins trading on the Main Market under the ticker “OCTP”, having completed a £16.5 million raise. 

OCT is a UK-based pharmaceutical company specialising in cannabinoid drug development with a primary focus on the pain market. This listing is a significant step for OCT towards its aim to become a global leader in developing prescription medicines that target the endocannabinoid system. 

Founded in 2017, OCT is passionate about cannabinoid medicine and the extraordinary potential it believes it possesses for changing the lives of millions for the better. The company’s drug development strategy includes the development of proprietary cannabinoid derivatives, natural phytocannabinoids (“pCBs”) and other drug compounds that interplay with the endocannabinoid system and targets the £42.5bn pain market. 

OCT’s entire ordinary share capital will today be admitted to the standard segment of the Official List of the UK Listing Authority and trading on London Stock Exchange’s Main Market for listed securities. The proceeds from the IPO will primarily fund the pre-clinical development and Phase 1 clinical trial of the Group’s first drug candidate, OCT461201, the pre-clinical development and Phase 1 clinical trials of the Group’s second drug candidate, a natural pCB combination, advancement of a third drug candidate from the Group’s cannabinoid library from discovery stage to the pre-clinical stage and the advancement of a fourth drug candidate from discovery stage to a lead candidate.

Neil Mahapatra, Co-Founder and Executive Chairman of OCT, said: “OCT has a pipeline of cannabinoid-based drugs candidates, with potential to address the unmet needs of the £42.5 billion global addressable pain market. With a strong and diversified management team, and our R&D partnerships, our aim is to become a global leader in the provision of prescription medicines targeting the endocannabinoid system. This listing is an important step in OCT’s journey.”

Dr John Lucas, Chief Executive Officer of OCT, said: “We are delighted that OCT is now listed and trading on the London Stock Exchange. As a British pharmaceutical business, we are pushing back the frontiers of cannabinoid-based drug development. Being a listed company will provide new investors with the opportunity to participate in the next chapter of our exciting story. This IPO will enable us to take our pipeline of drugs through the next stage of development, including taking two of our drug candidates into clinical trials. Our ultimate objective is to provide greater options to improve patient outcomes and quality of life.”

Advisers: OCT engaged Cairn Financial Advisers LLP as Financial Advisers, States Bridge Capital Ltd as Corporate Advisers, and Acuitas Communications, as PR Advisers. 
 

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
22.81
Listing/Admission to trading
21 May 2021
Looking for new and recent issues?

More recent

92.5
London Stock Exchange welcomes Graft Polymer Plc to the Main Market

The London Stock Exchange today welcomes Graft Polymer (UK) PLC, a business focused on the development of polymer modification, bio/food supplements and drug delivery systems, to the Main Market, trading under the ticker symbol “GPL”.

Graft Polymer is an early-stage company with a state-of-the-art polymer research and development, manufa

Learn more
97.567
London Stock Exchange welcomes Genflow Biosciences Plc to the Main Market

London Stock Exchange today welcomes Genflow Biosciences Plc, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age, to the Standard Listing Segment of the Main Market, under the ticker symbol "GENF".

Genflow Biosciences opened th

Learn more
74.96
London Stock Exchange welcomes East Star Resources Plc and their readmission to the Main Market

London Stock Exchange welcomes the readmission of East Star Resources, a company focused on the discovery and development of gold, copper, and base metals in Kazakhstan, to the Main Market under the ticker “EST”. The company raised gross proceeds of £3.1 million via a placing and subscription of 62,000,000 shares at £0.05 per share, delivering a ma

Learn more
168
London Stock Exchange celebrates FTSE Russell’s index partnership with Abu Dhabi Securities Exchange

Today, London Stock Exchange markets were opened by Abu Dhabi Securities Exchange and FTSE Russell to mark their partnership and the launch of the FTSE ADX Index Series.

FTSE ADX General Index FTSE ADX Sector Indexes FTSE Russell provides daily index calculations on the ADX General Index FTSE ADX General Index replaces the ADX General Index FTSE Russ

Learn more