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UK: GW at 8-month high on cannabis drug hopes

Reuters

Monday 04 Nov 2002

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LONDON, Nov 4 (Reuters) - Shares in GW Pharmaceuticals Plc (LSE: GWP.L -
news) , holder of the sole UK licence to develop cannabis-based medicines,
hit an eight-month high on Monday ahead of release of what are expected to
be positive clinical trial results.

The company, which is developing cannabis extracts that can be sprayed
under the tongue, said it would publish preliminary results of key Phase
III trial results on November 5.

Industry analysts expect the tests, focused primarily on multiple sclerosis
patients, will be successful since the trial programme has progressed
faster than expected. GW had initially said it would publish results only
at the end of the year.

Confirmation of the publication date lifted the stock 17.5 percent to 151
pence by 0815 GMT, its highest level since February, valuing the group at
just over 150 million pounds ($234.6 million).

GW, which reported a loss of 5.3 million pounds for the six months to March
31, hopes to launch its first cannabis-based medicine in early 2004.

 

 

 

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