Oxford Cannabinoid Technologies Holdings PLC - Oxford, England-based pharmaceutical company developing prescription cannabinoid medicines - Enters convertible loan note agreement with Cantheon Capital LLC, as well as existing shareholders and directors, for up to £565,000. Cantheon, an investor in early- and mid-stage biotechnology companies, will provide £450,000. The total proceeds will be used to fund phase I trials of Oxford Cannabinoid’s trigeminal neuralgia treatment OCT130401, expected to commence in the second quarter of 2024. Trigeminal neuralgia is a condition which affects a nerve inside the skull and can cause severe pain. Oxford Cannabinoid believes that the trigeminal neuralgia market has a value of around £1.8 billion.
The convertible loans will carry an interest rate of 8% paid annually in cash in arrears, and the conversion price shall be the higher of 0.5p and the volume weighted average price of the company’s shares over the ten days prior to conversion. The convertible loan note agreement has an upper limit of 113.0 million shares. This amount is outside of the company directors’ current authorities, and will therefore be subject to shareholder approval at a general meeting on February 19.
Current stock price: 0.54 pence per share, up 3.8% in London on Friday afternoon.
12-month change: down 31%
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