Interim Results For The Six Months Ended 31 March 2004
Interim Results For The Six Months Ended 31 March 2004
21 June 2004
GW Pharmaceuticals plc, the company which is developing a range of new medicines based on cannabis and other controlled drugs, announces its interim results for the six months ended 31 March 2004.
HIGHLIGHTS
- UK regulatory approval process for Sativex® ongoing. Further information to be submitted to regulators in July 2004 which is intended to address outstanding questions
- Regulatory dossier for Sativex submitted to the Canadian regulatory authority
- Positive results from Phase III clinical trial in spasticity in Multiple Sclerosis (announced separately today)
- Positive results from Phase III clinical trial in neuropathic pain
- Positive results from Phase II clinical trial in rheumatoid arthritis pain
- Three further Phase III trials due to report by end of 2004
- Development continues on Advanced Dispensing System technology for use with methadone
- Net loss for the six months to 31 March 2004 of £6.9m (2003: £6.7m), in line with budget
- Cash and short term deposits at 31 March 2004 of £24.2m compared to £13.7m at 31 March 2003
Dr Geoffrey Guy, Executive Chairman of GW Pharmaceuticals, said: “We continue to make progress towards achieving UK regulatory approval for Sativex and remain in active dialogue with the regulators. In the next few weeks, we will be submitting further responses which are intended to address the outstanding questions. We remain confident of a positive outcome to this approval process."
Dr Guy added, “With six reported positive Phase III trials, five Phase II trials and 13 Phase I trials, we have no doubt about the strength of GW’s cannabinoid research platform. I am confident that our continuing focus on the lead research programmes will ensure that GW remains well placed to deliver excellent value growth in the coming years.”
A presentation for analysts is taking place today at 09.30 at Weber Shandwick Square Mile, Fox Court, 14 Gray’s Inn Road, London WC1. An audio webcast of the presentation will be available on GW’s website at www.gwpharm.com from 15.00 today.
Enquiries:
GW Pharmaceuticals plc
(21/06/04) +44 20 7067 0700
Dr Geoffrey Guy, Executive Chairman
(Thereafter) +44 1980 557000
Justin Gover, Managing Director
Weber Shandwick Square Mile
+44 20 7067 0700
Kevin Smith / Sarah MacLeod
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