GW Pharmaceuticals widens loss as testing ramps up
Updated : 15:54
Cannabinoid-focused pharmaceutical company GW Pharmaceuticals posted financial results for the third quarter ended 30 June on Tuesday.
The AIM-traded company reported a loss for the nine months of £46.7m, compared to £32.3m for the nine months ended 30 June 2015.
It said the increased loss primarily reflects investment in the Epidiolex Phase 3 pivotal trials program.
Cash and cash equivalents at 30 June was £191.2m, down from £234.9m as at 30 September 2015.
Subsequently in July 2016, however, a follow-on offering raised total net proceeds after expenses of $273.1m (£206.4m).
“We have now reported two positive Phase 3 trials for Epidiolex and are on track for an NDA filing that includes both the Dravet syndrome and Lennox-Gastaut Syndrome indications,” said CEO Justin Gover.
“We believe that these Phase 3 data show that Epidiolex has the potential to provide a robust and clinically meaningful reduction in seizures in these highly treatment-resistant populations together with an acceptable safety and tolerability profile.
“Our recent successful financing has provided GW with the necessary capital to move forward with confidence in preparing to execute a highly successful launch,” Gover added.