By Joe Hoppe
Oxford Cannabinoid Technologies Holdings PLC said Friday that it is strategically reallocating its drug-development resources, and that Group Finance Director Karen Lowe intends to step down.
The pharmaceutical company, which is focused on developing cannabinoid-based prescription medicines, said development work and expenditure have progressed across its four current programs since its May 2021 initial public offering, though continuing market uncertainty and a challenging macroeconomic outlook has led it to review the allocation of its budget.
As such, the company intends to temporarily delay Phase 1 clinical trials of OCT130401, its second program, it said.
Phase 1 clinical trials for its lead program OCT461201 remain on track and on budget, and are set to begin in January, with interim results expected in April, it said.
Oxford said this action means existing funds that would have been fully used by April will now extend to the fourth quarter of 2023. Pre-clinical work for OCT130401 will continue, ensuring it will be ready for Phase 1 in early 2023, it said.
Development work on its third and fourth programs will also continue, it said.
The company also said Ms. Lowe intends to step down to pursue other elements of her career and consultancy business. The recruitment of a successor is already under way, it said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
