Oxford Cannabinoid Technologies float on the Main Market of the LSE
May 2021
Established in March 2017 by Neil Mahapatra and Gavin Sathianathan, Oxford Cannabinoid Technologies (OCT) is a UK-based pharmaceutical company specialised in cannabinoid drug development. The Company’s vision is to become a global leader in developing licensed prescription medicines that target the endocannabinoid system and address significant unmet medical needs.
The Group’s primary market focus is the total addressable pain market, which is estimated to be worth at least £42.5 billion by commercialisation of the first drug produced by OCT, currently anticipated to be in 2027, and as such it initially aims to develop a portfolio of four drug candidates for approval as licensed pain medicines.
Admission to Trading on the Official List
On 21st May 2021, dealings commenced by way of a Placing of 330 million ordinary shares of £0.01 each at a price of £0.05 per Ordinary Share.
Reasons for Admission
The reasons for Admission and the Placing, which is raising net proceeds of approximately £14.82 million, is to primarily fund the Group’s four drug development programmes.
The Directors consider that a fundraising conducted concurrent with Admission will attract greater investment into the Company and, in the longer term, attract greater opportunities for the Company and for Shareholders and prospective investors who may not be willing or able to invest in a company whose shares are either unlisted or listed on a different securities exchange.
The Perivan shareholder communications team were delighted to work with Cairn Financial Advisers who were appointed Financial Adviser to OCT on the successful publication of the 185-page prospectus.
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