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15 Feb 2024 07:00
Oxford Cannabinoid Technologies Holdings plc
("OCTP" or the "Company")
Subscription
Oxford Cannabinoid Technologies Holdings plc (LSE:OCTP), the biotech company developing prescription cannabinoid medicines, confirms that further to the Company's announcement of 30 January 2024, which includes details of the subscription by various existing shareholders and new institutional investors for a total of 128,000,000 new ordinary shares of 0.1 pence each in the capital of the Company ("Subscription Shares") raising gross proceeds of £640,000, applications have been made to the Financial Conduct Authority ("FCA") and the London Stock Exchange Group Plc ("LSE") for the admission to the Official List of the FCA and to trading on the Main Market of the LSE of the 128,000,000 Subscription Shares to be issued in respect of the Subscription. It is expected that the Subscription Shares will be admitted to trading and dealings will commence on the LSE on 20 February 2024.
The Subscription Shares will rank pari passu with the existing ordinary shares of 0.1 pence each in the issued share capital of the Company ("Ordinary Shares").
Following the issue of the Subscription Shares, the Company's issued share capital will comprise 1,088,415,644 Ordinary Shares (such figure includes the Subscription Shares). This figure of 1,088,415,644 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Directors of the Company take responsibility for this announcement.
Enquiries:
Oxford Cannabinoid Technologies Holdings plc | +44 (0)20 3034 2820 |
Clarissa Sowemimo-Coker (CEO) | clarissa@oxcantech.com |
Cairn Financial Advisers LLP | |
Emily Staples | +44 (0)20 7213 0897 |
Jo Turner | +44 (0) 20 7213 0885 |
Axis Capital Markets Limited | |
Richard Hutchison | +44 (0)20 3026 0320 |
Acuitas Communications | 020 3745 0293 / 07799 767676 |
Simon Nayyar | simon.nayyar@acuitascomms.com |
Arthur Dingemans | arthur.dingemans@acuitascomms.com |
About Oxford Cannabinoid Technologies Holdings Plc:
Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company of Oxford Cannabinoid Technologies Ltd (together the "Group"), a pharmaceutical Group developing prescription cannabinoid medicines initially targeting the US$ multi-billion global pain market.
OCTP currently has a portfolio of four drug development programmes. Its lead compound, OCT461201, will initially target neuropathic and visceral pain (including irritable bowel syndrome ("IBS") and chemotherapy induced peripheral neuropathy ("CIPN"). The global market for CIPN alone is currently forecast to reach US$1.17bn by 2028.
OCTP's drug development pipeline comprises both natural and synthetic compounds, and includes compounds targeting trigeminal neuralgia, a severe type of face pain, and cannabinoid derivatives targeting pain and potentially other therapeutic areas. Having established an exclusive licence agreement with Canopy Growth Corporation for their entire pharmaceutical cannabinoid derivative library, OCTP now has a portfolio of almost five hundred derivatives and intellectual property rights including fourteen patent families and associated research data.
OCTP has a clearly defined path to commercialisation, revenues and growth. The Group is developing drug candidates through clinical trials to gain regulatory approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe them with confidence. OCTP's portfolio aims to balance risk, value and time to market, whilst ensuring market exclusivity around all its key activities.
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