Somatostatin inhibits endocrine and exocrine secretion in various tissues by acting on five somatostatin receptor subtypes (SSTR1–5). The clinical effects of SSTR5 antagonism remain unknown. Herein, we evaluated the effects of SCO‐240, an oral SSTR5 antagonist, in healthy individuals. This randomized, single‐center, double‐blind, placebo‐controlled, phase I study included healthy Japanese and White individuals. The effects of ascending single oral doses of SCO‐240 were evaluated in healthy individuals. The main outcome measures were safety, tolerability, pharmacokinetics, and pharmacodynamics (gallbladder contractions and levels of serum insulin and plasma glucagon‐like peptide‐1 (GLP‐1)). The levels of pituitary hormones were evaluated in our exploratory analysis. The results indicated that SCO‐240 was safe and well‐tolerated at all tested doses. Oral SCO‐240 was readily absorbed, with its systemic exposure increasing in a dose‐dependent manner. The median time to maximum concentration and mean terminal half‐life of SCO‐240 were 3–4 and 10.2–12.6 hours, respectively, in the ascending dose section. No clinically meaningful changes in SCO‐240 pharmacokinetic profiles were observed between fed and fasted or between Japanese and White individuals. No increase in gallbladder contractions or levels of insulin and GLP‐1 were detected. SCO‐240 induced robust growth hormone (GH) secretion without altering the levels of other pituitary hormones. In conclusion, the study is the first to demonstrate that SSTR5 antagonism stimulates GH secretion in humans. SCO‐240 was safe and well‐tolerated and exhibited once‐daily oral dosing potential. The robust effects of SCO‐240 on GH secretion suggest that it may be a treatment option for GH‐related disorders.