Oxford Cannabinoid Technologies Holdings PLC said on Monday that it was formally expanding its research & development strategy into oncology, having discovered a potential cannabinoid-based treatment for tumours.

Shares in Oxford Cannabinoid Technologies rose 9.9% to 0.91 pence each in London on Monday morning.

Oxford Cannabinoid Technologies, a pharmaceutical company developing prescription cannabinoid medicines, described this immunotherapy agent as ‘first in class’ for tumour treatment, and said that its initial data showed ‘excellent drug-like potential’ in vitro potency and in vivo availably in blood.

The company said that this implied ‘substantive potential’ for the development of a cannabinoid-based medicine that could be taken at home as a tablet, which could potentially make it cheaper for both public and private healthcare providers and convenient for patients.

Oxford Cannabinoid said it was targeting a share of a market of therapies against tumours projected to be worth $532 billion by 2032.

Chief Executive Officer Clarissa Sowemimo-Coker said: ‘ The Oxford Cannabinoid Technologies team has discovered a potential first-line-treatment alternative to existing therapies and their side effects which could provide a viable alternative to expensive biologics.

‘Although we’re at an early stage, this is exciting news for the company. As the potential of cannabinoid-based medicines to treat a range of conditions in a less harmful and more economic manner receives growing public recognition, Oxford Cannabinoid Technologies stands at the forefront of research & development and we are extremely excited to have identified a possible candidate that could have a significant impact on many peoples’ lives.

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