Oxford Cannabinoid Technologies (OCT), a UK-based biotechnology firm researching the potential of cannabinoid-based medications for treating a range of acute and chronic conditions, has announced it has agreed a new licensing and business agreement with AskAt Inc. for a highly selective and potent CB2 agonist, OCT461201. The compound, which has been successfully evaluated in multiple disease models, is believed to be a potentially effective treatment for Irritable Bowel Syndrome (“IBS”) and other diseases.
OCT is now entering into pre-clinical development studies on the OCT461201 compound, including studies on drug metabolism and pharmacokinetics (DMPK), safety pharmacology and toxicology. The agreement includes the payment of undisclosed milestone and royalty payments.
“Medical cannabis and cannabinoid-based medicine is already proving to be an effective treatment for patients suffering from a range of incredibly distressing and debilitating medical conditions," said John Lucas, OCT’s Chief Commercial Officer. "The therapeutic promise of OCT461201 in treating IBS, and its potential to treat a further range of serious diseases and conditions, is an exciting opportunity for OCT and we look forward to advancing this compound through pre-clinical development and into clinical trials.”
OCT is set to make further announcements over the course of 2020 about the additional areas of research that it is prioritising, based on their clinical potential. These include cancer, immunology and neurology.
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