Oxford Cannabinoid Technologies, backed by
Snoop Dogg, launched Friday on the London Stock Exchange with the opening price of 5 pence per share.
The British company placed 960.4 million shares at 5 pence per share, suggesting a market cap of around £48 million ($69.1 million), reported the
From its initial public offering, the cannabinoid-focused pharmaceutical company raised gross proceeds of £16.5 million.
Oxford Cannabinoid Technologies (OCT) launched in 2017 and has been collaborating with Oxford University, mainly focusing on the development of pain-relieving, cannabinoid medications.
Its potential caught the attention of a cannabis-focused venture capital firm
Casa Verde, which previously supported companies such as
Dutchie, Vangst, Leaflink, Eaze, Cannalysis and
CNBC that the money raised from the IPO will go towards developing four new drugs.
“The key here is about getting cannabinoids into the hands of patients and the way you do that is through the drug development process,” Lucas said.
“The medical cannabis, the problem with that is that physicians cannot prescribe it, so we want a drug product that we can get into the hands of physicians, into the hands of patients,” he added.
Two of the company’s drug products will be heading into clinical trials following the IPO. According to
Proactive Investors, OCT has a proprietary library of 93 cannabinoid derivatives.
Medical cannabis company backed by Snoop Dogg launches on London Stock Exchange winnipegsun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from winnipegsun.com Daily Mail and Mail on Sunday newspapers.
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