Preliminary Results for the Year Ended 30 September 2007

OPERATIONAL HIGHLIGHTS

• Sativex US licence agreement signed with Otsuka, including $18m
  signature fee, additional $255m milestone payments and significant long term commercial supply price and royalty
• Global cannabinoid research collaboration signed with Otsuka to research and develop cannabinoid medicines in the field of CNS and oncology
• Sativex approved in Canada for the relief of cancer pain
• First large scale US clinical trial of Sativex in cancer pain commenced with results due at end 2008
• Sativex European regulatory application in MS spasticity withdrawn. Additional Phase III MS spasticity trial, requested by regulators, commenced with results due at end 2008
• European Phase III MS neuropathic pain trial completed patient recruitment and due to report results in late Q1 08
• UK regulator, the MHRA, published report on Sativex due to the extent of “named patient” prescription use of Sativex in the UK
• New Zealand government requested access to Sativex for named patient prescriptions and invited regulatory application
• THCV, a new potential cannabinoid treatment for diabetes and related metabolic disorders, successfully completes Phase I trial with plans to enter Phase II in 2008

FINANCIAL HIGHLIGHTS

• Turnover of £5.7m (2006: £2.0m)
• Net loss for the year of £10.9m (2006: £13.3m), in line with expectations
• Cash and short term deposits at 30 September 2007 of £21.0m (2006: £19.9m)

Dr Geoffrey Guy, GW’s Chairman, said: “The formation of our strategic alliance with Otsuka marked 2007 as a transformational year for GW. The US licence agreement has secured the future of Sativex in the world’s largest pharmaceutical market whilst the global cannabinoid research collaboration has accelerated the development of GW’s pipeline of new cannabinoid medicines in the field of central nervous system disorders and oncology.

“2008 promises to be an equally eventful year for GW, with the results of a number of key Sativex Phase III trials in Europe and the US due to be reported. The momentum behind Sativex and the wider field of cannabinoid medicines, as highlighted today by the promising results of our THCV metabolic research programme, continues to grow. We look forward to reporting news of our progress during 2008.”

Enquiries:
GW Pharmaceuticals plc: (Today) + 44 20 7831 3113
Dr Geoffrey Guy, Executive Chairma: (Thereafter) + 44 1980 557000
Justin Gover, Managing Director

Financial Dynamics: + 44 20 7831 3113
David Yates / Ben Atwell