Interim Results For The Six Months Ended 31 March 2008

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Jun 19, 2008

GW Pharmaceuticals plc (AIM: GWP), the developer and manufacturer of a range of new cannabinoid medicines, including Sativex®, announces its interim results for the six months ended 31 March 2008.


Sativex Phase III MS spasticity trial, requested by UK regulator, ongoing and on track to complete around year-end. Regulatory submission targeted for H1 09

Sativex Phase IIb/III cancer pain trial, funded by Otsuka as part of the US development programme, ongoing and due to complete in H1 09

Sativex named patient prescription use continues to rise – product exported to 20 countries

New Zealand regulatory application progressing. Outcome expected H2 08

Catalan Government reports positive outcome of Sativex access programme

Sativex Phase III MS pain trial results show high patient response rate to Sativex but statistical significance narrowly missed due to large, unexpected placebo response

Otsuka cannabinoid research collaboration yielding promising new psychiatric and oncology drug candidates

Phase II trial in planning on novel cannabinoid medicine for the treatment of dyslipidaemia in Type II diabetes patients


Turnover increased to £5.7m (H1 2007: £0.8m) reflecting revenue growth from Otsuka alliance and Sativex sales

Net loss for the period reduced to £4.2m (H1 2007: £6.6m)

Cash and short term deposits at 31 March 2008 of £18.5m

Dr Geoffrey Guy, GW’s Chairman, said: “These financial results are the first to reflect the positive impact of the agreements signed last year with Otsuka and we are pleased to report half year figures showing increased revenue, reduced net loss and a healthy cash position.

“During the coming months, we will be focused on completing the pivotal clinical trials for Sativex in MS spasticity and cancer pain and building on the exciting data being generated in our cannabinoid pipeline. In addition, with growing awareness amongst clinicians of the benefits of Sativex, we shall continue to support the increasing number of patients receiving Sativex on prescription in the UK and other countries around the world.”

An analyst presentation of the interim results is being held today at 09.30 at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Please contact Gemma Cross Brown at Financial Dynamics on +44 20 7269 7125 for details. An audio webcast of the presentation will be available on GW’s website at www.gwpharm.comlater this afternoon.

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