Oxford Cannabinoid Technologies Holdings PLC (OCTH) raised £16.5 million in its initial public offering with a valuation of £48 million upon admission to the London Stock Exchange. Established in 2017, OCTH has become a global leader in developing licensed prescription medicines, targeting the endocannabinoid system. With this funding, OCTH aims to further its development strategy, targeting the pain market through four drug candidates for approval as licensed pain medicines by regulatory agencies. These include the US Food and Drug Administration (FDA), the European Medicines Agency (EMA) and the UK’s Medicines and Products Healthcare Regulatory Authority (MHRA).
The Moore Kingston Smith team of Matt Meadows, Matt McRae and Conor O’Keefe acted as reporting accountants as part of the initial public offering and admission. Throughout the process, the team provided comprehensive support to OCTH, highlighting any key issues and deadlines, ensuring the process was completed in the compressed time frame.
Neil Mahapatra, Executive Chairman of OCTH, said: “Matt and his team provided us with fantastic support throughout the IPO process. Given the tight deadline, Moore Kingston Smith worked tirelessly to make sure all the relevant documentation was ready and to a high standard, ensuring no further complication in the listing process.”
Matt Meadows, Corporate Finance Partner at Moore Kingston Smith, said: “It was a pleasure to work with the team at OCT on their IPO, which represented one of the first cannabis businesses in the UK. We wish them every success for their future strategy to deliver growth in shareholder value.”
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