(Alliance News) - Oxford Cannabinoid Technologies Holdings PLC announced on Thursday that its subsidiary, OCT Victoria Pty Ltd, has entered an agreement with iNGENu CRO Pty Lt to conduct a study evaluating the safety of OCT130401.
Oxford Cannabinoid Holdings is a London-based clinical stage biopharmaceutical company focused on the development and commercialisation of cannabinoid medicines.
Its new partner, iNGENu, is an Australian-based contract research organisation that works in the cannabinoid pharmaceutical drug development and clinical research industry.
The study is a phase one randomised, double-blind, placebo-controlled dose escalation study, intended to evaluate the safety, tolerability and pharmacokinetics of OCT130401, a medical device for the treatment of chronic and severe pain conditions.
The study hopes to use OCT130401 to target trigeminal neuralgia, a chronic pain condition. Trigeminal neuralgia causes stabbing, electric shock-like facial pain, with its fast and sudden onsets making it difficult to treat. Some people with the condition suffer up to 100 episodes in a day.
Clinical trials are expected to commence in the second quarter of 2024, the company said.
Oxford Cannabinoid's Chief Executive Officer Clarissa Sowemimo-Coker said: "iNGENu is a well-recognised contract research organisation, with a specific expertise in cannabinoids and the Australian regime also affords a direct path to US Food and Drug Administration approval which is an important target for the company."
iNGENu's Chief Executive Officer Sud Agarwal said: "We are delighted to be Oxford Cannabinoid Technologies' contract research organisation partner in its first Australia-based clinical trial. Whilst many people are aware of the financial benefits of the Australian research regime, many are less aware of the world-class clinical research units and the favourable regulatory laws, allowing rapid study start-up. We look forward to kicking off this work, which is aiming to meet a significant unmet need for people living with trigeminal neuralgia."
Oxford Cannabinoid Technologies shares rose 5.7% to 0.36 pence each in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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