17 May 2011 GW Pharmaceuticals, the Cambridge pharma company marketing drugs based on cannabis, has turned a £2.7m loss last time into a net pre-tax profit of £3.1m in the six months to March 31.
The turnround was spurred by an upsurge in total revenues, which increased 45 per cent to £16.6m (H1 2010: £11.4m) including milestone receipts of £5.1m (£nil) and increased Sativex sales of £1.9m (£0.9m).
Cash and short term deposits at period-end increased to £28.3m (£20.4m).
GW’s lead product, Sativex, is a cannabinoid mouth spray identical to whole-plant marijuana in liquid form and was developed for multiple sclerosis patients, who can use it to alleviate neuropathic pain, spasticity, overactive bladder, and other symptoms.
Sativex is also being prescribed to alleviate pain due to cancer and has been researched in various models of peripheral and central neuropathic pain.
During the half-year, a licence agreement was signed with Novartis to commercialise Sativex in Australasia, Asia (excluding Japan/China), the Middle East (excluding Israel) and Africa.
It has been recommended for approval in Germany, Italy, Denmark, Sweden, Austria and the Czech Republic. Launches are expected this year in Germany, Denmark and Sweden following launch in Spain in March.
The US is a massive potential market for the company: A Phase III cancer pain programme is underway, fully funded by US partner, Otsuka.
Two Phase IIa clinical trials of novel cannabinoid medicine in diabetes and metabolic disease have also begun.
Positive pre-clinical data in epilepsy, glioma, breast cancer and other conditions continue to be generated as part of Otsuka research collaboration.
Dr Geoffrey Guy, GW’s chairman, said: “GW has delivered another robust set of financial results, with substantially increased revenues yielding a profit for the period and a strong cash position.
“With Sativex now launched in the UK and Spain, an increasing number of additional European approvals and launches for Sativex now expected and the recent agreement with Novartis to commercialise Sativex across a broad region of the world, Sativex should provide GW with a platform for significant growth in the coming years.
“In parallel we have embarked on a substantial Phase III programme for Sativex in cancer pain, a major market opportunity, a Phase II clinical programme for a novel cannabinoid medicine in diabetes and we continue to generate highly promising data in our earlier stage pipeline.
“With regular Sativex launches now taking place, GW has entered a new phase in the evolution of the company and we believe that our prospects for commercial success with Sativex together with a highly promising and maturing pipeline provide confidence for the remainder of 2011 and beyond.”
http://www.businessweekly.co.uk/biomedtech-/11836-cannabis-company-up-to-speed-as-cash-starts-to-flow
The turnround was spurred by an upsurge in total revenues, which increased 45 per cent to £16.6m (H1 2010: £11.4m) including milestone receipts of £5.1m (£nil) and increased Sativex sales of £1.9m (£0.9m).
Cash and short term deposits at period-end increased to £28.3m (£20.4m).
GW’s lead product, Sativex, is a cannabinoid mouth spray identical to whole-plant marijuana in liquid form and was developed for multiple sclerosis patients, who can use it to alleviate neuropathic pain, spasticity, overactive bladder, and other symptoms.
Sativex is also being prescribed to alleviate pain due to cancer and has been researched in various models of peripheral and central neuropathic pain.
During the half-year, a licence agreement was signed with Novartis to commercialise Sativex in Australasia, Asia (excluding Japan/China), the Middle East (excluding Israel) and Africa.
It has been recommended for approval in Germany, Italy, Denmark, Sweden, Austria and the Czech Republic. Launches are expected this year in Germany, Denmark and Sweden following launch in Spain in March.
The US is a massive potential market for the company: A Phase III cancer pain programme is underway, fully funded by US partner, Otsuka.
Two Phase IIa clinical trials of novel cannabinoid medicine in diabetes and metabolic disease have also begun.
Positive pre-clinical data in epilepsy, glioma, breast cancer and other conditions continue to be generated as part of Otsuka research collaboration.
Dr Geoffrey Guy, GW’s chairman, said: “GW has delivered another robust set of financial results, with substantially increased revenues yielding a profit for the period and a strong cash position.
“With Sativex now launched in the UK and Spain, an increasing number of additional European approvals and launches for Sativex now expected and the recent agreement with Novartis to commercialise Sativex across a broad region of the world, Sativex should provide GW with a platform for significant growth in the coming years.
“In parallel we have embarked on a substantial Phase III programme for Sativex in cancer pain, a major market opportunity, a Phase II clinical programme for a novel cannabinoid medicine in diabetes and we continue to generate highly promising data in our earlier stage pipeline.
“With regular Sativex launches now taking place, GW has entered a new phase in the evolution of the company and we believe that our prospects for commercial success with Sativex together with a highly promising and maturing pipeline provide confidence for the remainder of 2011 and beyond.”
http://www.businessweekly.co.uk/biomedtech-/11836-cannabis-company-up-to-speed-as-cash-starts-to-flow
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