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Cannabis Campaigners' Guide News Database result:
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UK: GW shares move higher ahead of test results
Ananova Monday 04 Nov 2002 Shares in GW Pharmaceuticals are rising as hopes grow that its cannabis-based painkiller is nearing production. GW is due to unveil the results of crucial phase III trials on Monday and a press report over the weekend claimed they had been successful. GW is refusing to comment on the results ahead of the update but shares still surged, up 19.5p to 148p - a 15% spark. Salisbury-based GW, which floated on the London Stock Exchange in June, is the only company to legally develop and produce cannabis-derived treatments. It is aiming to use the illegal drug as a painkiller for illnesses such as multiple sclerosis, spinal cord injury, cancer and rheumatoid arthritis. At the start of the this year, it said it was confident the first drugs would be available on prescription by 2004. Phase III testing is the last and one of the most critical stages of any drugs' development. Once successfully completed a company can seek regulatory approval and, if granted, start selling the drug commercially. GW is licensed by the Government and last year Home Secretary David Blunkett said he would recommend the Medicines Control Agency authorise medicinal use of cannabis should the trials prove successful. A report in the Mail on Sunday said successful completion of phase III trials would open up a £250 million annual market for the company.
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