Oxford Cannabinoid Technologies Holdings plc – Pre-Close Trading Update; US OTC QB Market Application & Notice of 2021 Final Results

CANNANNEW REPORT

Oxford Cannabinoid Technologies Holdings plc Pre-Close Trading Update; US OTC QB Market Application & Notice of 2021 Final Results   Oxford Cannabinoid Technologies Holdings plc (“OCTP” or the “Company”), the holding company of Oxford Cannabinoid Technologies Ltd (“OCT”)(together, the “Group”), a pharmaceutical company developing prescription cannabinoid medicines for approval by key medicines regulatory agencies worldwide and targeting the U$ multi-billion pain market, is pleased to provide a Pre-Close Trading Update ahead of the publication of its Final Results for the year ended 31 May 2021 which are scheduled to be released on Monday 27 September 2021. Details of a presentation to investors via the InvestorMeet Platform will be announced shortly.   The Board expects to report results in line with budget. Notwithstanding the limited impact of the Covid-19 pandemic on the Group’s activities, very good progress has been made on advancements across all four current drug development programmes and OCTP remains firmly on target to achieve its timeline to commercialisation as set out in its IPO Prospectus published in May of this year.   At the year-end, the Group had cash reserves of approximately £14.6 million and a Government bounce-back loan of £50,000 which will be repaid early. Since admission to trading, the net proceeds from the accompanying share placing have been utilised in line with the Group’s strategy, as set out in the IPO Prospectus and remain on budget with regard to cash burn.   Changes to the composition of the Board as the Company transitioned to being a listed company, including the appointment of two independent Non-executive Directors, increased central costs during the year. Strict cash management controls are in operation across all areas of expenditure, whereby all budgeted central costs have been reviewed with measures agreed to reduce these wherever possible, in order to maximise the Group’s…

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Source : Oxford Cannabinoid Technologies Holdings plc – Pre-Close Trading Update; US OTC QB Market Application & Notice of 2021 Final Results

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