Preliminary Results for the Year Ended 30 September 2001

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Jan 16, 2002

GW Pharmaceuticals plc, the pharmaceutical company developing a portfolio of non-smoked cannabis-based prescription medicines, announces its first set of preliminary results since flotation on the Alternative Investment Market of the London Stock Exchange in June 2001

Highlights

  • New positive data from Phase II clinical trials in Multiple Sclerosis (“MS”) and Spinal Cord Injury shows significant improvements in a range of symptoms
  • Phase III trial in MS commenced in May 2001 and recruitment proceeding well
  • Start of Phase III trial in Cancer Pain (also announced separately today)
  • First international clinical trial underway in Canada
  • Significant expansion of operations heralds transformation into an integrated R&D company
  • Total investment raised during year of £30.5m, including £23.5m from flotation on AIM in June 2001
  • Cash balances of £25.7m at 30 September 2001
  • Confirmation of positive stance on cannabis-based medicines from UK Home Secretary

Dr Geoffrey Guy, Executive Chairman, commented: “The progress of our research programme, and in particular the clinical trials activity, remains on track. The Phase II trials have clearly shown that patients are receiving benefit from our medicines and we have now moved into Phase III trials, the last and most critical stage of development. GW occupies a lead position worldwide and we are uniquely placed to become the first company in the world to achieve regulatory approval for prescription cannabis-based medicines. We remain confident of being able to present data to the UK regulatory authorities in 2003, and - subject to approval - bring the first cannabis-based prescription medicine to market in early 2004.”

A presentation for analysts is taking place today at 09.30 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 3:00pm today.

Enquiries:

GW Pharmaceuticals pl: (12/12/05) + 44 20 7067 0700

Dr Geoffrey Guy, Executive Chairman: (Thereafter) + 44 1980 557000

Justin Gover, Managing Director

Weber Shandwick SquareMile: + 44 20 7067 0700

Kevin Smith/Suzanne Walker

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Preliminary Results for the Year Ended 30 September 2001 (PDF, 402KB)

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