Cannabis Campaigners' Guide News Database result:


After you have finished reading this article you can click here to go back.

UK: GW Pharma cannabis drug nears approval

David Firn, Pharmaceuticals and Chemicals Correspondent

Financial Times

Monday 21 Jun 2004

---

GW Pharmaceuticals on Monday reported more clinical trial data showing that
its cannabis-based treatment helps control symptoms of multiple sclerosis.

Sativex, an oral spray, reduced spasticity, the spasms and stiffness that
afflict as many as three-quarters of people with MS. The trials were Phase
III, the last stage before a drug is approved for marketing.

But British doctors are unlikely to prescribe the purified mixture of
cannabis extracts for some time, because the Medicines and Healthcare
Products Regulation Agency has asked for further data on its safety and
effectiveness.

Geoffrey Guy, chief executive, admitted approval was taking longer than
expected, but said the process was on track.

The trial data was released alongside GW's results for the six months to
March 31, which showed pre-tax losses of UKP7.95m (UKP7.34m). Mr Guy said
cash reserves of UKP24.2m were enough to see the company through to
commercialisation of Sativex.

Julie Simmonds, analyst at Evolution Beeson Gregory, said the latest data
meant GW had a better chance of getting Sativex approved, although it would
probably be restricted to spasticity, not the broader pain indication the
company had previously been seeking.

Comment

Geoffrey Guy has committed one of the most heinous crimes in biotechnology
and it is not possession of cannabis with the intent to supply. He has
overpromised and underdelivered, and investors have punished the stock
accordingly. GW's shares have lost almost half their value since last
summer, when investors expected Sativex to be approved by December. Now the
company has admitted it won't meet its June target either. Today's
spasticity data are good news and the market now has a more realistic view
of the Sativex timetable, but that is somewhat undermined by a headcount
reduction and "reprioritisation" of the early-stage pipeline that hint at
lean times ahead. Don't expect a more significant recovery in the share
price until there is a date fixed for the commercial launch.

 

 

 

After you have finished reading this article you can click here to go back. 




This page was created by the Cannabis Campaigners' Guide.

Feel free to link to this page!