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UK: GW to take cannabis painkiller to America
Mike Verdin The Times
Monday 28 Feb 2005 Shares in GW Pharmaceuticals have soared by 5 per cent after the company received the backing of American investors for a quest to take its cannabis-based painkiller to the US market. GW, which is close to winning approval for the drug, Sativex, in Canada, said that it had assembled a team of medical and regulatory consultants to pursue the product's licensing in America. "The US is the world's most significant pharmaceutical market," Dr Geoffrey Guy, the GW chairman, said. "Over the last few years, GW has been working to build a support base in the US and we are excited about the prospects of working alongside a range of experts to assist our efforts." The team included Apjohn Group, a Michigan-based pharmaceuticals consultancy, and unnamed "key medical opinion leaders", said GW, trailing an application for Sativex to the US Food and Drug Administration. "The company considers that the breadth of data now available will enable initiation of discussions with the FDA," GW said. The move had prompted a group of key American investors to invest a further ukp2.5 million in GW, increasing their stake from 7.8 per cent to 9.6 per cent. The investment, to be spent largely on US operations, would be achieved through the issue of 2.0 million shares. "We are delighted that our plans have met with such a positive response," Dr Guy said. GW shares stood 6p higher at 128.5p in afternoon trade.
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