Oxford Cannabinoid Technologies has applied to be admitted to the OTC QB Market in the United States.
Oxford Cannabinoid Technologies Holdings, the holding company of Oxford Cannabinoid Technologies Ltd, a pharmaceutical company developing prescription cannabinoid medicines, has applied for its shares to be admitted to the OTC QB Market under the ticker symbol OCTHF.
The move follows the medical cannabis company’s listing on the prestigious London Stock Exchange on May 21.
Exposure to US investors
Oxford Cannabinoid Technologies Holdings says the OTC QB Market listing will give the business greater exposure to a much wider audience of potential investors by easing cross-border trading for US investors. The company’s board estimates that trading will commence in eight weeks.
Shares for Oxford Cannabinoid Technologies Holdings will continue to be traded on the London Stock Exchange under the ticker symbol OCTP.
Co-founder Neil Mahapatra commented: “OCTP is a fast-growing pharmaceutical company developing globally approved prescription cannabinoid medicines targeting the U$ multi-billion pain market. Admission to the US OTC QB market fits very neatly with our growth strategy.
“It is a logical next corporate step to our LSE Main Market Listing and share Placing (which raised over £16m for the Company), by providing US investors with a straightforward and familiar way to trade the company’s shares. It is also important to attract new institutional and retail investors to the company, since the “cannabis” sector as an asset class is already well established in the US. We see a real opportunity with this listing to materially expand our shareholder base.”
Drug development advancements
In its pre-trade closing update, the company also announced it has made advancements across all four of its drug development programmes, and remains on target to achieve its timeline to commercialisation.
At year-end, the group had cash reserves of approximately £14.6m and a government bounce-back loan of £50,000 which it says will be repaid early. Since its admission to LSE, the net proceeds from the share placing have been utilised in line with the its strategy.
It has also made a positive start to the current financial year. During the first two months, approximately £1.15m of R&D costs have been incurred across the four development programmes, including the lead drug candidate OCT461201, which accounted for £0.52m of the total.
Furthermore, the company states that, since the year-end, the £2.6m agreement being delivered by Evotec for an integrated drug development solution for accelerating early drug candidates into clinic, will facilitate the completion of the characterisation of OCT461201 by leveraging the well-proven, multi-modality, and technologically innovative platform.
It will also confirm its developability and at the end of the programme, Evotec will provide the company with a submission-ready regulatory document which will be used for submissions to regulatory agencies, as well as drug-batch approved and ready for First Time in Human clinical trials.
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