Oxford Cannabinoid Technologies Expects 1st Half 2022 Results to Be in Line With Views
January 18 2022 - 3:35AM
Dow Jones News
By Anthony O. Goriainoff
Oxford Cannabinoid Technologies Holdings PLC said Tuesday that
financial results for the first half are expected to be in line
with management's expectations, and that it has continued to build
on the positive start made to fiscal 2022.
The London-listed pharmaceutical company focused on developing
cannabinoid-based prescription medicines said in the six months
ended Nov. 30 R&D costs were around 920,000 pounds ($1.3
million). OCT said that this was primarily spent on its lead drug
candidate OCT461201, which accounted for around GBP604,000 of the
total, and that progress was being made on all four of its
programs.
The company said that total cash reserves at period-end were
around GBP12 million, and that it had no debt, having repaid a U.K.
government bounce-back loan of GBP50,000 in full.
OCT also said that its financial-accounting period had been
shortened from May 31 to April 30 so as to deliver efficiencies in
the financial reporting and audit process, and that results for the
11-month period are required to be issued by Aug. 31.
"The company's ability to meet short term liabilities with its
current assets remains strong and spend is in line with the group's
strategy," OCT said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 18, 2022 03:20 ET (08:20 GMT)
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