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Cannabis Campaigners' Guide News Database result:
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UK: GW Pharma still seeking partner as GSK pulls out of cannabis talks
Grant Ringshaw and Lauren Mills Sunday Telegraph
Sunday 02 Feb 2003 GW Pharmaceuticals, which needs a development partner if it is to successfully pioneer the use of cannabis-derived medicines, has been dealt a serious blow to its plans after GlaxoSmithKline, the world's second-largest drugs company, abandoned talks on a possible deal. Geoffrey Guy, the executive chairman, had been talking to GSK about a UK marketing and distribution deal on a cannabis-based drug which is being developed for pain relief in multiple sclerosis sufferers. Under the terms of the deal GW would have received an upfront cash payment of up to £20m. GW would then have been entitled to a royalty fee of around 20 to 30 per cent of sales. A spokesman for GW insisted that the company has £20m on the balance sheet and that it is "in a very strong financial position". He added that Guy is in talks with other pharmaceutical companies and that GW remained confident of announcing a pan-European licensing deal by the end of the first half of this year, as promised. Health industry experts reckon GW has enough cash to last 15 months. Last month the group reported a rise in full-year losses from £7.2m to £12.2m, highlighting its need for a partner. The group is developing several cannabis-based treatments. In addition to the multiple sclerosis treatment it is also working on pain relief rheumatoid arthritis sufferers. It hopes to have its first product on the market by the end of this year. This is expected to be an under-the-tongue spray for MS patients and people suffering with neuropathic pain.
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