OCTP aims to demonstrate the lead candidate’s safety, tolerability and pharmacokinetic profile.

Oxford Cannabinoid Technologies Holdings (OCTP) has announced that the first-in-human dose of its drug candidate, OCT461201, has been successfully administered.

The vital stage is being undertaken by Simbec Research and represents part of OCTP’s phase 1 trial among healthy volunteers.

Incorporating a single ascending dose, the research’s central aim is to show the tolerability and safety of OCT461201.

Pivotally, it also intends to demonstrate evidence of the candidate’s pharmacokinetic profile, ultimately confirming its potential as a viable therapy.

Clarissa Sowemimo-Coker, chief executive officer at OCTP, was in no doubt about the significance of the commencement of dosing: “I am so pleased and proud to be able to announce the first dose of OCT461201 being administered to a healthy volunteer.”

She added: “Both symbolically and commercially, this is an enormous milestone for OCTP. While this is the culmination of years of hard work, it also lays down a marker for the future and signals the beginning of a bigger journey.”

Meanwhile, OCTP has revealed that Dr William Paul Farquhar-Smith, an internationally recognised expert in chemotherapy-induced peripheral neuropathy (CIPN), has joined its advisory team.

CIPN is a disabling condition that presents as a side effect of certain chemotherapy treatments. OCT461201 has already yielded preclinical data indicating a decrease in CIPN-induced pain.

Sowemimo-Coker elaborated: “On average, an estimated 60% of people undergoing chemotherapy are affected by CIPN after three months often resulting in patients reducing or ceasing treatment as a result.

“Considering that the global market for CIPN alone is forecast to reach $2.37bn by 2027 it is clear that there is both a significant market opportunity and potential to improve people’s lives.”

Broader results from the phase 1 study are due to be released later this year.