GW Pharmaceuticals plc, the company licensed by the UK Home Office to work with cannabis and a range of controlled drugs for medical research purposes, announces its preliminary results for the year ended 30 September 2002.
- Regulatory dossier to be submitted to the Medicines Control Agency in first quarter of 2003
- Target timescale for first product launch brought forward from 2004 to 2003
- Commercial discussions underway with potential marketing and distribution partners in a number of territories
- Scale-up process for commercial production complete
- Positive results from four Phase III clinical trials in Multiple Sclerosis and Neuropathic Pain
- Five additional Phase III clinical trials ongoing, including pain in cancer and spinal cord injury
- Launch of Home Office-backed initiative in drug addiction treatment to develop methadone and diamorphine products in conjunction with GW’s proprietary dispensing technology
- Net loss for year in line with expectations at £11.2 million
- Year end cash resources £20.2 million
Dr Geoffrey Guy, Executive Chairman, commented: “This has been a year which has seen GW achieve its most important milestones to date. In particular, the positive results from four Phase III clinical trials take GW a major step closer to the launch of the Group’s, and the world’s, first non-smoked prescription cannabis-based medicine. Originally anticipated to take place in 2004, we are now planning for a possible launch during 2003.
“We have a great deal to look forward to in the coming year. In the UK, we are on track to submit the regulatory application for our first product in the first quarter of 2003. Subject to regulatory approval, we anticipate initial UK market launch towards the end of the year. Discussions are now underway with a number of pharmaceutical companies regarding the commercialisation of GW’s initial products around the world. We also look forward to the results of more Phase III trials which are intended to expand the market for the initial product. At the same time, we aim to report continuing progress with the clinical trials in our anti-addiction programme.”
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.comfrom 15.00 today.
GW Pharmaceuticals plc
(15/01/03) 020 7067 0700
Dr Geoffrey Guy, Chairman
(Thereafter) 01980 557000
Justin Gover, Managing Director
Weber Shandwick Square Mile
020 7067 0700
Kevin Smith/Graham Herring
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