Biotechnology company Oxford Cannabinoid Technologies Holdings plc (LSE: OCTP) announced on Wednesday that it has filed a European patent application for Programme 2, targeting Trigeminal Neuralgia (TN), focusing on a composition containing Delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD).

The company plans to file an international (PCT) patent application within the next year. Once granted, this exclusive patent provides OCTP rights for up to 20 years, enabling a competitive market advantage. The examination process typically takes two to five years, with the company anticipating several more patent applications for other aspects of Programme 2 in 2024.

OCTP, the parent company of Oxford Cannabinoid Technologies Ltd, is a pharmaceutical group developing prescription cannabinoid medicines, initially targeting the global pain market. With a portfolio of four drug development programmes, OCTP's lead compound, OCT461201, targets neuropathic and visceral pain, including conditions like irritable bowel syndrome (IBS) and chemotherapy-induced peripheral neuropathy (CIPN).

The CIPN market alone is projected to reach USD1.17bn by 2028. OCTP's drug development pipeline, including natural and synthetic compounds, addresses various therapeutic areas, with a strategic path to commercialisation, revenues, and growth. The company's exclusive license agreement with Canopy Growth Corporation enriches its portfolio with nearly five hundred derivatives and fourteen patent families, positioning OCTP for a robust market presence.