Interim growth at GW
Article Date: Jun 19 2008GW Pharmaceuticals has cut first-half losses 30 per cent to £5.2 million on turnover up from £823,000 to £5.7 million.
The AIM-quoted drug developer, whose products include painkiller Sativex, attributes its expansion in the six months to March largely to a collaboration deal with Japanese pharmaceutical group Osuka, which has funded a Phase IIb/II cancer-pain trial for Sativex as part of the drug’s US development programme. GW, which ended March with £18.5 million cash, is now deriving revenues from sales of Sativex, for which the company says it hopes to complete its UK Phase III spasticity trial by the end of this year.
Shares in GW, which fell from 160p to 41p between the end of 2006 and earlier this month, have now rallied to 51p, up 4p this morning. That values the Salisbury-based company at £61.4 million.
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