GW Raises £4.5 Million In New Share Issue To Commercialise Dispensing Technology

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Aug 29, 2002

Dr Geoffrey Guy, Executive Chairman of GW Pharmaceuticals, said: "Progress across the breadth of the Group's activities has continued according to expectation in the first half of the financial year and GW's development programme remains firmly on track.

Highlights

  • Phase III trials programme for cannabis-based medicines remains on track
  • Two new Phase III trials targeting specific symptoms of Multiple Sclerosis announced today
  • Total of nine Phase III trials now underway, including Multiple Sclerosis, Spinal Cord Injury, Neuropathic Pain, Cancer Pain
  • Recruitment in the leading four Phase III trials now over 85% complete and on schedule
  • Ongoing positive results from Phase II trials
  • Establishment of Cannabinoid Research Institute and appointment of Professor Roger Pertwee, one of the world's leading cannabinoid scientists, as Director of Pharmacology
  • Arrangements for commercial scale cultivation, extraction and final product manufacture in place in preparation for market launch
  • New Home Office-backed collaboration with National Addiction Centre for use of GW's secure drug dispensing technology in prescribing of methadone and diamorphine (being announced separately today)
  • Net loss for the six months to 31 March 2002 of £5.3m, in line with budget
  • Cash reserves at 31 March 2002 of £21.1m

Dr Geoffrey Guy, Executive Chairman of GW Pharmaceuticals, said: "Progress across the breadth of the Group's activities has continued according to expectation in the first half of the financial year and GW's development programme remains firmly on track. Looking ahead, the first Phase III clinical trials should report results towards the end of this year and, if successful, the results of these trials will form the basis of our first product submission to the Medicines Control Agency. With arrangements in place with respect to commercial scale cultivation, extraction and manufacturing, GW is on track to be market-ready well ahead of our planned market launch in early 2004.

"In addition, the new product development programmes for the treatment of heroin addiction being announced separately today provide a significant exciting new market opportunity for the Group."

A presentation for analysts is taking place today at 09.00 at Weber Shandwick Square Mile, Aldermary House, 15 Queen Street, London EC4. An audio webcast of the presentation will be available on GW's website at www.gwpharm.comfrom 15.00 today.

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