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UK: GW Pharma dives after setback for cannabis drug
The Telegraph
Saturday 04 Dec 2004 GW Pharma, a drug company that aims to make drugs out of cannabis extract, yesterday saw its shares slump 35 1/2 to 106 1/2p after the company said UK regulators were unhappy with its data. GW, which has a licence from the Government to grow cannabis plants at a secret location, is developing an under-the-tongue spray, Sativex, which it hopes will be used to treat a range of conditions from multiple sclerosis (MS) to epilepsy. The company originally submitted the drug to be used in MS to treat spasticity - muscle stiffness and pain. But the Medicines and Healthcare Products Regulatory Agency said yesterday its advisory body, the Committee on Safety of Medicines, had suggested that a further confirmatory study is required. Justin Gover, the company's managing director, said he was "frustrated" by developments. "It's taken longer than we expected," he said. He said the company's cash position was fine, Canada's regulators were still assessing the product and he believed that the review was nearly completed. Some analysts were less positive. Karl Keegan, at Canaccord, said he had dropped his probability of success for Sativex in spasticity for patients with MS from 50pc to 25pc, and expected the launch to be delayed by a year. The company's shares were at 234p in April, but have slipped significantly on delays to Sativex. *Phytopharm, which makes drugs out of plant extracts, said losses increased for the year from UKP5.68m to UKP6.76m. Sales fell from UKP2.43m to UKP1.07m. The shares rose 1 1/2 to 181 1/2. --=======1F6F5CC5=======--
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