GW Pharmaceuticals widens loss as testing ramps up

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.