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At a time when the company needs a fund raise yesterday, adding to the cost base appears like an...interesting choice...
Today 07:00
RNS Number : 2956T
Oxford Cannabinoid Tech.Holdings
14 November 2023
Oxford Cannabinoid Technologies Holdings plc
("OCTP" or the "Company")
Directorate Appointment
Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP), the pharmaceutical company developing prescription cannabinoid medicines, announces the following Board appointment.
Reflecting his exceptional experience and valued contribution to the progress of OCTP, the Company is pleased to announce the appointment of Dr Tim Corn, Chief Medical Officer ("CMO"), as an executive director, effective immediately. As announced on 8 June 2023, Dr Corn joined OCTP as CMO to oversee the Company's clinical research and development activities as well as to provide expert medical guidance and advice to the team. Since joining, the Company has successfully completed its first Phase I clinical trial, a single ascending dose study of its lead compound OCT461201.
Dr Corn, formerly Chief Medical Officer International at Jazz Pharmaceuticals plc, has played a key role in the successful conclusion of more than twenty regulatory approvals in the US and Europe and is the author of more than forty scientific publications. He was elected Fellow of both the Faculty of Pharmaceutical Medicine and the Royal College of Psychiatrists.
They have cash runway to Q1 next year, so they need to have completed a fund raise before then to avoid insolvency. To continue trading currently, the Board must have confidence that they can complete a fund raise, or they are committing a criminal offence of trading whilst insolvent. The Board should never have left it so late to complete a fund raise, but having done so they will have to undertake a deeply dilutive issue, as any new investor will regard the current business as essentially worthless, and will be weighing up buying the IP out of insolvency vs underwriting a placing and open offer, which would incur costs not necessary in a purchase from an insolvency. Whether the licence with Canopy Growth would survive an insolvency might make this moot - if it falls away then a potential buyer could just negotiate with Canopy Growth, and not worry about OCTP at all.
I'm thinking there will be some good news running up to them raising funds which i think is early next year if memory serves me correct although i've kinda forgotten about this investment lately.
Some order best be being put together.. up 7% on a few hundred quids worth of trades 🤔
Been no action for weeks other than a slow decline in price. Phase 1 completed then standstill. Hope lots going on behind the scenes.
Never seen so many trades daily for a few pence in a share.
I look to see if its any action, to see a page of minnows
I don't believe octp will find a cure for cancer, but if they can find a way to help parents cure the pain they are going through, that's a big+.
I'm not happy here, had to sell some last week.
Brought in 0.60 last year and now it's 0.70 after trails finished.
I'm still holding and let see what 2024 holds.
A plants beauty lies in its leaves, but its strength lies in its roots.
“…I am excited to be buying more OCT personally. Given the recent Phase I results, the Company appears to me to be significantly undervalued. It is for this reason that I, along with other shareholders and employees of Kingsley, have chosen to increase our direct holding in the business…”
https://total-market-solutions.com/2023/10/oxford-cannabinoid-technologies-plc-3/
Doesnt read that way in the news article and yet another red day on news anyway. I wonder what is needed to get it going up lol
Kingsley Capital Partners LLP has sold 39,464,286 shares in the Company to Shareholders of Kingsley and has transferred 15,400,000 shares in the Company to employees of Kingsley.
Important this. It enables a number of investors who have long been part of the OCT story to be able to express their support for the business as individual shareholders. It clearly is a sign of growing confidence in OCT that investors want personally to become a part of the journey following last week’s Phase I announcement. Kingsley continues to be the largest shareholder in OCT.
Neil Mahapatra, Non-Executive Director of OCT and Managing Partner of Kingsley Capital Partners LLP, said:
“I am excited to be buying more into OCT personally. Given the recent Phase I results, the Company appears to me to be significantly undervalued. It is for this reason that I, along with other shareholders and employees of Kingsley, have chosen to increase our direct holding in the business.”
Our the dead donkey bully steve
I bet you loss half your money by now.
Delisted Delisted.
Repeat post bully steve
Just getting over covid and have had some what appeared to be trigemenal pain which can be a viral symptom. Was awful and not touched by available analgesics. Having read more about trigemenal Neuralgia and the limited available treatment for this miserable condition hopefully if successful our medication can’t come soon enough.
Hopefully we see more news in the media now, in the next couple of weeks.
Slowly start building upward.
There will be a fundraiser possible early next year.
What the bod should be doing, is looking for strategic investment like HEMO has done.
Can't believe we are valued less despite passing phase 1 with flying colours...we were over 1.3 not long ago.
Here's hoping!
GREAT NEWS...Clarissa said that phase 2 will take place very quickly after phase 1 in a recent interview. So far so good here...
13% up on goggle.
It's about time they give us some News.
Yes very disappointing, we need an update especially being told phase 1 last patient was administered and with all other no real adverse side effect. Come on Clarissa we are so far from the IPO at 5p now look at share holders value !!!
Give us an update which the market can relate to some positively good news
it's a dog **** company, that needs more money to fund their lifestyles.
best wait to average down again !! until they do the offering because it will have to be at a hugely discounted price than the sp to entice retailers to buy . there is a reason why they're is only 0.52% owned by institutions.
I expect positive news for phase 1 and moving quickly to phase 2. We are fully funded till April 2024.
I would expect funding via existing share holders at a much higher price than currently, with an offer of additional shares to only existing holders and the remainder a placing. OCTP will gather momentum with positive news pushing the current sp much higher before any form of fund raise in Q1 2024. Don't rule out any significant news would be an opportunity for a JV without any further funding.
What do you think the chances are if getting government funding through dr Farquhar-smith ? 🤔
OCT is now poised to publish the results of its study in the coming weeks (October 16) as it gears up to raise more funds to keep its pipeline of products moving forward.
Think this is the reason for the current price...Big issue is what they fix the fund raise price.I suspect lower than where
we are now....Just a feeling...Hope its north of 1p