UK: Cannabis group hit by UK regulator

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Rosie Murray-West

The Telegraph

Saturday 11 Jun 2005

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GW Pharmaceuticals, the troubled cannabis-based medicine company, saw its
shares plunge 26pc to close near their five-year low yesterday after
confirming it had lost its appeal to the UK drug regulator and would have
to do further trials.

GW was trying to get its drug Sativex approved for spasticity caused by
multiple sclerosis, but the UK regulator said that the evidence from trials
was not "sufficiently compelling".

Geoffrey Guy, GW's executive chairman, pictured examining cannabis plants,
said fundamentals "remain strong", pointing out that Sativex has been
approved in Canada.

But Mike Booth and Karl Keegan, analysts at Canaccord, said GW could run
out of cash in 2006 as there would be no milestone payment from Bayer, its
partner, before 2007. The shares, which had already dived on rumours that
the UK regulator had denied the Sativex appeal, fell a further 25 to 70
1/2p yesterday.

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