GW Pharmaceuticals Reports Increased Spend on R&D in 2014

Today, GW Pharmaceuticals plc announced financial results for the fourth quarter and year ended September 30, 2014.

The company said that total revenue for the year was only slightly up at £30 million compared to £27.3 million the year before. However, net loss after tax more than tripled to £14.7 million from £4.5 million in 2013. GW’s Chief Executive Officer Justin Gover said that this was primarily due to the increased investment in research and development (R&D) in 2014.

GW’s cannabinoid prescription drug, Sativex, is approved in 27 countries outside of the US for the treatment of spasticity due to multiple sclerosis (MS). The drug is also in late-stage development for treatment of pain linked to advanced cancer.

The company’s Epidiolex program for childhood epilepsy had advanced rapidly in the last year. The drug is currently in clinical trials for treatment of Dravet syndrome and Lennox-Gastaut syndrome (LGS)

“GW’s business has transformed over the last year principally as a result of the rapid advance of our Epidiolex program to treat orphan syndromes in the field of childhood epilepsy. During 2014, we have raised significant capital from U.S. investors, commenced treatment of approximately 200 children, obtained encouraging clinical data, and commenced formal clinical development in the U.S.,” said Gover. “In 2015, we expect to complete much of the Epidiolex development program as well as start to build a U.S. commercial presence in anticipation of future launch. Beyond Epidiolex, we expect to report Phase 3 data from the Sativex cancer trials in early 2015 which, if positive, would enable the filing of NDA in the U.S. during next year. We also look forward to progressing multiple clinical trials for our cannabinoid product pipeline.”

GW is also developing GWP42006 as a treatment for patients with epilepsy. The company is also testing its product candidate GWP42002:GWP42003 in the treatment of recurrent glioblastoma multiforme (GBM), an aggressive brain tumor which is considered a rare disease by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Additionally, GW is testing its GWP42003 in patients with ulcerative colitis and schizophrenia, and its GW42004 in patients with type 2 diabetes.

Source: GW Pharmaceuticals plc

Last updated: 12/2/14; 12:10pm EST