Porton Down, UK, 18 November 2008: GW Pharmaceuticals plc (AIM: GWP), the developer and manufacturer of a range of new cannabinoid medicines, including Sativex®, announces its preliminary results for the year ended 30 September 2008.
OPERATIONAL HIGHLIGHTS
• Patient recruitment completed in Sativex Phase III MS spasticity trial in October 2008. Results due late Q1 09, to be followed by regulatory submission in Q2 09
• Sativex Phase IIb/III cancer pain trial, funded by Otsuka as part of the US development programme, ongoing and due to complete in H2 09
• Positive results in Sativex MS pain placebo-controlled randomised withdrawal trial confirm long term maintenance of efficacy
• Sativex prescription use continues to rise – product now exported to 21 countries
• Otsuka cannabinoid research collaboration yielding promising new psychiatric and oncology drug candidates
• Phase II trial in planning on novel cannabinoid medicine for the treatment of dyslipidaemia in Type II diabetes patients
FINANCIAL HIGHLIGHTS
• Turnover more than doubled to £11.8m (2007: £5.7m) reflecting revenue growth from Otsuka alliance and increased Sativex sales
• Net loss for the year reduced 22% to £8.2m (2007: £10.6m)
• Cash and short term deposits at 30 September 2008 of £14.1m
Dr Geoffrey Guy, GW’s Chairman, said: “We are pleased to report financial results showing increased revenue, reduced net loss and a healthy cash position. In the last year, due in large part to the agreements signed with Otsuka in 2007 as well as growth in Sativex sales, GW has managed to increase its research activities whilst at the same time reducing its cash burn.
“Looking forward, we have completed patient recruitment into our Sativex Phase III MS spasticity trial and this is due to report results in late Q1 2009. We expect to submit a regulatory application in selected European countries very shortly thereafter with a view to obtaining approval by the end of 2009. We also continue to progress our development programme for Sativex in the US with the Phase II/III trial in cancer pain, which is due to complete next year, as well as our highly promising earlier stage cannabinoid pipeline. We have a large number of key newsflow events expected in 2009 and look forward to updating shareholders with news of our progress.”
An analyst presentation of the interim results is being held today at 09.30 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.
