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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