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30 May 2022

OCT Investor Update 30 May 2022 - Q&A Questions

 

A. Programme Related Questions

Programme 1 - OCT461201 What patent life will remain for OCT461201 by the time it gets to market?

See slide 8 of the presentation. [Time stamp 6:42]

Programme 1 - OCT461201 Is / was IBS your primary indication for OCT461201?   - Where is the preclinical data supporting that indication? You have released preclinical data for other pain indications…

See slides 8-12 of the presentation. [Time stamp 6:42 – 14:58]

Programme 1 - OCT461201 Why is the neuropathic pain data for OCT461201 so variable?  - Positive data for CIPN….Negative data for PHN  -What other NP models has it been tested in?  - What positive control drugs did you use? How did the data for OCT compare to those?  - Why do you not report effect sizes or statistical significance in your data?

Answered during the presentation – slide 12. [Time stamp 13:10]

Programme 1 - OCT461201 What Toxicology and ADME studies have you done on OCT461201 to get you to clinical trials ASAP?  - What are the results of these studies?

See slides 10, 11, 13-16 of the presentation. [Time stamp 10:12]

Programme 1 - OCT461201 Won’t OCT461201 just fail in Neuropathic Pain because you are focussing on effects on ONE target receptor (CB2) for pain?  - Why are you ignoring the other important targets for pain that other cannabinoids clearly work on? (CB1, TRPV1, TRPA1, TRPM8, Sigma etc.)  - GW Pharmaceuticals got positive data on THC & CBD that work at these targets.

See slide 10 of the presentation [Time stamp 10:12].

Programme 1 - OCT461201 Will OCT be benchmarked against very low priced drugs for CIPN?  - Sativex has already shown positive effects here.   - A double-blind, placebo-controlled, crossover pilot trial with extension using an oral mucosal cannabinoid extract for treatment of chemotherapy-induced neuropathic pain - PubMed   https://pubmed.ncbi.nlm.nih.gov/23742737/  - THC is being overlooked again why is that?

See slides 12, [Time stamp 13:13 – 15:04] and 19-27 of the presentation.

Programme 1 - OCT461201 CB2 agonists do not work in IBS do they?  - See Arena’s Olorinab studies    https://www.clinicaltrialsarena.com/comment/loa-update-arenas-olorinab-fda-approval-shot-in-ibs-associated-pain-drops-five-points-to-2/  https://www.google.co.uk/amp/s/finance.yahoo.com/amphtml/news/arena-pharmas-olorinab-fails-top-111009910.html  - What form of IBS are you planning to treat?  - If it is painful, do you not want a drug that works on multiple pain targets / multiple receptors?

See slide 9 of the presentation and audio file [Time stamp 7:38 – 7:58]. See slide 8 of the presentation regarding form of IBS.

Programme 1 - OCT461201 What makes you think that a CB2 agonist alone will work in Diabetic Neuropathy?  - GW failed with THC / CBD in Sativex….so what chance does a CB2 agonist alone have?  - Again - do you not want a drug that works on multiple pain targets / multiple receptors?

See slide 7.

Programme 2 – OCT130401 What is the pCB combination?  - Is it proprietary to OCT?

See slides 23-27.

Programme 2 – OCT130401 Why are you not going for a much larger pCB market?

See slide 21.

Programmes 3 & 4 What’s happening with Programmes 3 & 4?  - Are they on hold?

See slides 25-29.

Who is providing / developing the pMDI for 401?

Audio Clip (answered during presentation) [Time stamp 40:31]

Is Oxford University still involved? They have not been mentioned once (I seem to remember a slide dedicated to them in the IPO  presentation)

The Company continues to maintain a good relationship with Oxford University, which was instrumental in the early years of our story. As we move through pre-clinical development in preparation for entering the clinic with OCT461201 and OCT130401 we are now working with a suite of commercial partners, as opposed to within the academic environment on those programmes. We continue to work with Oxford University’s Professor Zam Cader on our discovery stage work for programmes 3 and 4, now in his capacity as founder of Oxford Stemtech, a spin-out from Oxford University.

B. Cash and Shareholder Related Questions

Will the current rate of cash burn require the company to have a placing in early 2023?

When do you need to raise cash again? How long is your cash runway?

The Company is funded to complete certain milestones in relation to the drug development programmes set out in its IPO Prospectus being taking OCT461201 and OCT130401 through to the end of Phase 1 clinical trials and progressing programmes 3 and 4 through discovery. The Company will need to raise further funds to advance its drug development beyond the end of Q1 2023, which is as predicted in the IPO Prospectus.

How much cash have we got currently and what is the monthly cash burn ?

Cash is being used at the expected rates detailed in the IPO Prospectus.  The financial statements detailing the complete financial status of the company will be issued by the end of August.

Further funding How do you plan to raise further funds for future development? The share price is trading below cash right now which shows that stakeholders have no faith in the Board or Management to deliver results. There has been no Director buying either - does the Board still have faith in the business plan?

Answered during the presentation. [Time Stamp 37:38 – 38:20].

What percentage of the company do directors own and when was the last time they bought stock ?

In total, the directors own approximately 21.66 per cent of the total issued share capital in the Company. The most recent purchase was on 1 December 2021.

The CEO does not own any shares and has not bought any during the recent sharp downward move to sub 1p. Why is that?

There are limited windows of opportunity for any of the Board members to purchase shares as we are regularly restricted due to being in possession of price sensitive information.  The CEO intends to purchase shares at the next available opportunity.

Can we expect a TR1 soon from Gavin Sathianathan showing he has exited his shareholding? Does he not hold a positive outlook for OCTP's prospects?

Has Gavin stopped selling his shareholding? Is he out yet? Why is there not a TR-1 for this yet?

The Company is obliged to announce any TR1s it receives within the prescribed regulatory timeframes – we are not currently in receipt of any TR1s from GHS Capital Limited or any other shareholders.

C. Funding and Other Non-Programme Related Questions

What do you think has changed in the past 12 months in terms of 'story' that will attract institutions ?

In short, progress towards key milestones. In the directors’ experience it is rare for institutions to invest in pre-clinical companies. Once OCT461201 and OCT130401 are officially in the clinic later this year we believe that we will be better placed to attract institutional investors.

Do you have a new broker ready ahead of your raise?

Yes. We announced the appointment of Axis Capital Markets Limited on 16 May 2022.

Who will you be targeting on your next fundraise, hoping that institutional investors will be on the list is that something you can do?

Audio Clip (answered during presentation) [Time stamp 45:08]

You did speak on the investment rationale just at the end there. But perhaps you could just talk again about what makes OCT a compelling investment opportunity. Particularly looking at the struggles with the share price in the biotech sector has had over the last 6 to 9 months

Audio Clip (answered during presentation) [Time stamp 46:00]

Pharma seems high risk, so isn't there quite a big risk attached to the approach that O. C. T is taking?

Audio Clip (answered during presentation) [Time stamp 42:18]

Of all our individual prospects ,what excites you most?

Audio Clip (answered during presentation) [Time stamp 43:21]

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