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GW Pharmaceuticals plc Reports 2013 Third Quarter Financial Results
Date:8/4/2013

LONDON, Aug. 5, 2013 /PRNewswire/ -- GW Pharmaceuticals plc (NASDAQ: GWPH, AIM: GWP, "GW," "the Company" or "the Group"), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announces financial results for the third quarter ended 30 June 2013.

RECENT OPERATIONAL HIGHLIGHTS

  • Initial public offering on the NASDAQ Global Market completed in May 2013 raising total net proceeds before expenses of $30.4 million (£19.6 million)
  • Two pivotal Sativex® Phase 3 cancer pain trials in recruitment. Top-line results from both trials due in 2014. Data intended to lead to a New Drug Application (NDA) filing with the FDA in the U.S.
  • FDA filing of a Phase 3 Investigational New Drug Application (IND) for Sativex as a treatment for MS spasticity
  • Commercial launch of Sativex in Italy as a treatment for MS spasticity, earning £250,000 milestone
  • Submission of regulatory application in France for Sativex in the treatment of MS spasticity
  • Positive top-line results from a 12 month, placebo-controlled study of Sativex in patients with MS spasticity confirming the reassuring safety profile and providing further evidence of efficacy
  • Significant clinical trial activity for cannabinoid pipeline product candidates expected to continue in the second half of 2013
  • Two new patent allowances in the U.S. protecting Sativex delivery method and delivery device
  • FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED 30 JUNE 2013

  • Sativex product sales revenues of £0.5 million ($0.8 million) for the three months ended 30 June 2013, compared to £0.1million for the three months ended 30 June 2012, reflecting increased shipments of inventory to commercial partners
  • Total revenue for the three months ended 30 June 2013 of £7.3 million ($11.0 million) compared to £
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  • SOURCE GW Pharmaceuticals plc
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