Porton Down, UK, 20 May 2010: GW Pharmaceuticals plc (AIM: GWP), the speciality pharmaceutical company focused on cannabinoid science, announces its interim results for the six months ended 31 March 2010.
OPERATIONAL HIGHLIGHTS
• Sativex® regulatory process in UK and Spain for MS Spasticity enters final national phase. All major and minor outstanding issues resolved. UK approval expected by end of Q2
• Marketing teams at partners, Bayer and Almirall, prepared for Sativex launch
• Positive data reported in US-targeted Sativex Phase IIb cancer pain trial support entry into Phase III – Phase III preparations underway
• Phase II clinical programme of novel cannabinoid medicine in diabetes/metabolic disease in final stages of set-up and due to commence Q3 2010
• Continued progress of early stage pipeline in cancer, epilepsy and psychiatric illness under the GW-Otsuka cannabinoid research collaboration
FINANCIAL HIGHLIGHTS
• Net loss before tax of £2.7m (H1 2009: £4.0m profit, H2 2009: £2.9m loss)
• Turnover, excluding milestones, increased to £11.4m (H1 2009: £8.1m) reflecting revenue growth from the Otsuka alliance and Sativex sales
• Cash and short term deposits at 31 March 2010 of £20.4m (H1 2009: £11.8m)
Dr Geoffrey Guy, GW’s Chairman, said, “GW is transitioning from a late stage development company to a commercial pharmaceutical business with excellent growth prospects. The first six months of this year have proven the most important in GW’s history in which we have made material progress towards Sativex’s launch in Europe and generated positive cancer pain data in the US. We believe that these recent successes validate GW’s cannabinoid technology platform and enable us to progress the development of our pipeline across a range of therapeutic areas with increased confidence.’
An analyst presentation of the interim results is being held today at 11.00am at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Please contact Juliet Edwards at Financial Dynamics on +44 20 7269 7125 for details. An audio webcast of the presentation will be available on GW’s website at www.gwpharm.com later this afternoon.
