Exclusive global license agreement with Canopy Growth Corporation for key pharmaceutical assets
- Exclusive license agreement with the world’s leading cannabis company (“Canopy Growth”)
- Access to Canopy Growth’s cannabinoid library comprising 335 derivatives and 14 patent families
- Accelerated timelines for clinical trials and expansion of drug development pipeline
LONDON, UK / ACCESSWIRE / September 22, 2021 / Oxford Cannabinoid Technologies Holdings plc (“OCTP” or the “Company”), the holding company of Oxford Cannabinoid Technologies Ltd (“OCT”) (collectively, the “Group”), a company developing prescription cannabinoid drugs under license for approved by regulatory bodies worldwide and targeting the multi-billion dollar pain market, is pleased to announce that on September 21, 2021, OCT signed an exclusive licensing agreement with Canopy Growth Corporation – a leading diversified cannabis and cannabinoid consumer products company and Tweed Inc, a wholly owned subsidiary of Canopy Growth.
The terms of the agreement provide OCT with an exclusive worldwide license for the entire library of cannabinoid derivatives, including 335 derivatives of cannabidiol (CBD), tetrahydrocannabinol (THC) and cannabigerol (CBG), the rights of intellectual property, including 14 patent families and related product research and development (“Canopy Library”). In return, OCT will pay Canopy Growth an annual license fee plus additional payments based on development, regulatory and sales milestones and royalties on future sales.
Under the terms of the agreement, OCT will use reasonable efforts to develop and commercialize: (i) at least one derivative of CBD; (ii) at least one derivative of CBG; and (iii) at least one derivative of THC, as pharmaceuticals. OCT is also responsible for the manufacture and supply of compounds for development and commercialization. Canopy Growth and OCT will establish a Development Steering Committee (‘DSC’) to monitor the progress of the development and commercialization activities that OCT undertakes in relation to the Canopy Library.
The Group is currently running four drug development programs in parallel. Its first and most advanced program is OCT461201, which initially targets indications in neuropathic and visceral pain. Phase 1 clinical trials are scheduled for Q3 2022, and Phase 2 trials are expected in Q2 2023. OCT’s second program uses inhaled phytocannabinoids to target undisclosed orphan pain, Phase 1 trials also scheduled for the third quarter of 2022 and phase 2 expected in the second quarter of 2023.
The Canopy Library accelerates timelines and reduces risks for the Group’s third and fourth development programs while keeping the budget and overall goals for both unchanged. The main objective of program 3 is to identify one or more drug candidates for neuropathic pain. The main objective of program 4 is to develop a “first-in-class” drug candidate that should be used in several therapeutic areas, including pain, neurology, immunoinflammation and oncology.
Thanks to the Canopy Library license, the directors of OCTP (the “directors”) believe that the probability of success of Programs 3 and 4 is greatly increased. Canopy Growth has pioneered advanced cannabinoid research, which includes the development of a library of compounds that may be relevant for the production of future cannabinoid products. As Canopy Growth remains focused on commercialization, this agreement will grant OCT access to the Canopy Library to advance this research. The Canopy Library includes compounds that have already demonstrated activity in experimental trials, including in vivo mouse tests. This further offers the potential to accelerate the development of the Group’s existing programs and expand its pipeline with additional drug development programs.
The term of the agreement, product by product and country by country, is until the last expired patent covering the product concerned or five years from the first commercial sale (whichever is later) in the respective country (unless terminated otherwise. ); after which OCT has a perpetual, non-exclusive and fully paid license to develop, use or market said product in that country. The agreement can be terminated in the event of material breach, insolvency or, category by category, in the event that OCT has ceased development of a category of compounds (for example, CBD, CBG or THC compounds). OCT and Canopy Growth provide the standard indemnities, representations and warranties expected from agreements of this nature.
Commenting on the signing of the agreement, OCTP Managing Director Dr John Lucas said: “The acquisition of an exclusive license for Canopy Growth’s library of pharmaceutical cannabinoid derivatives is a significant achievement for the Group and speaks volumes about our international reputation in our market.
“Not only does the Canopy Library provide us with over 330 ‘new’ compounds that we can use immediately in our screens, but we will also have an exclusive license on 14 patent families covering a wide range of cannabinoid derivatives. We believe this will increase the likelihood of a favorable outcome of Programs 3 and 4 and speed up the timeline for clinical trials. It is important to note that the library provides the opportunity to develop additional drug development programs that should expand our drug development pipeline. ‘
This announcement contains inside information for the purposes of section 7 of EU Regulation 596/2014 (which is part of UK national law under the Withdrawal from the European Union Act 2018).
The Directors of the Company accept responsibility for the content of this announcement.
About Oxford Cannabinoid Technologies Holdings Plc:
Oxford Cannabinoid Technologies Holdings plc (“OCTP”) is the holding company of Oxford Cannabinoid Technologies Ltd (“OCT”), a pharmaceutical company developing prescription cannabinoid drugs for approval by major drug regulatory agencies around the world and targeting the multi-billion dollar pain market. (together the ‘Group’). Cannabinoids are compounds found in the cannabis plant that have been shown to have a range of therapeutic effects on the body, including pain relief. The Group has a clearly defined path to commercialization, revenue and growth. The Group is developing drug candidates through clinical trials to obtain regulatory approval (FDA / MHRA / EMA) which will allow healthcare professionals to prescribe them with confidence.
The Group’s portfolio aims to balance risk, value and time to market, while ensuring market exclusivity around all of its key activities. The Group’s flagship compound, OCT461201, is a very potent and selective CB2 agonist and is being developed by OCT in a solid oral dosage form. OCT is leading preclinical tests and developments with preclinical trials scheduled for 2022. The Group’s product portfolio also employs a balanced drug product strategy that uses phytocannabinoids, cannabinoid derivatives and other new compounds for the treatment of pain.
The OCTP operates a partnership model with external academic and business partners, including the University of Oxford.
Caution Regarding Forward-Looking Statements
Certain statements contained in this announcement are or may be considered forward-looking statements. Forward-looking statements are identified by the use of terms and phrases such as’ believe ‘,’, ”, ” plan ”, ” potentially ”, ‘expect’, ” will ” or the negative thereof, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the directors’ current expectations and assumptions regarding the future growth of the Company, results of operations, performance, future capital expenditures and others (including the amount , the nature and sources of financing thereof), competitive advantages, business prospects and opportunities. These forward-looking statements reflect the current beliefs and assumptions of the Directors and are based on information currently available to the Directors.
About Canopy Growth Corporation
Canopy Growth (TSX: WEED, NASDAQ:CCG) is a global, diverse cannabis and cannabinoid consumer products company driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Canopy Growth offers product varieties in dried flower, oil, softgel, infused, edible and topical drink formats, as well as sprays. Canopy Growth’s global medical brand, Spectrum Therapeutics, sells a line of full-spectrum products using its color-coded classification system and is a market leader in Canada and Germany. Canopy Growth has entered the health and wellness consumer space in key markets including Canada, United States and Europe with BioSteel sports nutrition and skin and sleep solutions This Works; and introduced additional hemp-derived CBD products into the United States through its First & Free and Martha Stewart CBD brands. Canopy Growth has partnered with Fortune 500 liquor leader Constellation Brands.
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THE SOURCE: Oxford Cannabinoid Technologies Holdings plc
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