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UK: Cool debut for cannabis drug developer GW

Reuters

Thursday 28 Jun 2001

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LONDON (Reuters) - GW Pharmaceuticals, the British company developing the
world's first cannabis-based medicines for pain relief, made an unexciting
market debut on Thursday by setting a slim premium to its issue price.

The stock -- issued at 182 pence -- was quoted at 186-1/2 pence near the
close, in volume of just over three million shares.

Strong demand from investors had led GW to raise the size of its offer to
13.7 million shares, raising 25 million pounds or nine million more than
expected for its work on treatments for multiple sclerosis, cancer and
rheumatoid arthritis.

The offer valued the company at 175 million pounds, despite expectations
that it will not seek approval from regulators for its first products until
2003 -- with sales starting the following year.

GW is to use proceeds from its IPO to expand the clinical trial programme
and scale up production of cannabis plants, in secret locations around the
UK, from the current level of around 15 tonnes a year.

Sufferers from MS, which attacks the central nervous system, have been
calling for a pain-relieving cannabis medicine for years and many have
broken the law by buying the drug from street dealers.

 

 

 

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