(Alliance News) - Oxford Cannabinoid Technologies Holdings PLC on Tuesday said it has "successfully completed" the dosing of all the cohorts of its Phase 1 study for its lead pharmaceutical asset, OCT461201.

The Oxford-based pharmaceutical company developing prescription cannabinoid medicine said the study did not exhibit any safety or tolerability concerns and said it is safe to proceed to the next stage of OCT461201's clinical development.

OCT461201 is a treatment for chemotherapy-induced peripheral neuralgia.

The trial was conducted in the UK in health volunteers by Simbec Research Ltd, using a single ascending dose protocol.

Chief Executive Officer Clarissa Sowemimo-Coker said: "I am delighted to announce the completion of our [Phase 1], single ascending dose study of our lead drug candidate, OCT461201. This is a significant milestone in OCTP's journey as we cement our transition into a clinical-stage business.

"We look forward to moving OCT461201 into the next phases of its development".

Shares in Oxford Cannabinoid were up 5.0% at 0.85 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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