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.