Interim Results For The Six Months To 31 March 2003

HIGHLIGHTS

•   Regulatory dossier for Sativex®, GW’s lead cannabis-based medicine, submitted to the UK regulatory authority at end of March, on schedule
•   Bayer AG appointed as marketing partner for Sativex in the UK, GW’s first commercial partnership
•   Subject to UK regulatory approval, GW aims to make Sativex available on prescription by the end of 2003
•   Following positive results of four Phase III trials in November 2002, recruitment continues to proceed as planned for five ongoing Phase III trials
•   Progress continues with Phase II research into the use of cannabinoids in novel therapeutic areas
•   Development of Advanced Dispensing System technology continues for use with anti-addiction products as well as for other applications
•   Net loss for the six months to 31 March 2003 of £6.7m, in line with budget
•   Cash and short term deposits at 31 March of £13.7m, supplemented by signature fee of £5m from Bayer received since the half-year end

Dr Geoffrey Guy, Executive Chairman of GW Pharmaceuticals, said: “The first six months of the year has seen GW achieve a number of significant milestones, all in accordance with previously stated timescales. In particular, GW submitted its regulatory dossier for Sativex to the UK regulatory authority and also entered into an agreement with Bayer to market Sativex in the UK. The Bayer agreement is GW’s first commercial collaboration to date and provides a clear demonstration of confidence on the part of a world leading pharmaceutical company in GW’s product development capability and the quality of the science underpinning its programme.

“GW’s achievements over recent years provide a solid platform for growth. We are confident that GW is on track to secure regulatory approvals, commercial partnerships and launches for Sativex around the world as well as progress new opportunities from our earlier stage research programmes. We have considerable ambitions for the next phase in the Group’s development and believe that we now have the elements in place to build a major UK pharmaceuticals business.”

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 
(19/06/03) +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 

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