4th Feb 2015 12:15
LONDON (Alliance News) - GW Pharmaceuticals PLC Wednesday reported a wider net loss for the first quarter of its financial year as it increased spending on research and development, but revenue rose on the back of bigger sales of its main product, and it said it was confident in its prospects given its pipeline of trials this year.
The biopharmaceutical company's main product is Sativex, a plant-derived cannabinoid prescription drug approved for the treatment of spasticity due to multiple sclerosis and that the company is hoping will also get approved to treat cancer pain.
The company reported a net loss of GBP3.4 million for the three months to end-December, wider than the GBP2.8 million loss it reported a year earlier, as it increased spending on research and development to GBP15.1 million, from GBP9.2 million.
Its revenue rose to nearly GBP8.0 million, from GBP7.5 million on the back of higher Sativex sales. Sativex product sales revenue rose to GBP1.1 million, from GBP0.8 million a year earlier.
"With so much activity and a robust balance sheet, we are pleased with progress and confident in our prospects," Chief Executive Justin Glover said, pointing to four trials of its Epidiolex treatment in Dravet syndrome and Lennox-Gastaut syndrome that will start in the next two months.
"In addition, the expanded access program continues to point to the potential for Epidiolex to treat additional forms of epilepsy and we expect to commence clinical development programs in further potential target indications during 2015. A further release of data from this expanded access program is expected to be presented during the second quarter. Beyond epilepsy, we are continuing to progress further clinical trials in a number of additional cannabinoid product candidates during the remainder of this year," the CEO said.
GW Pharma said it had cash and cash equivalents of GBP156.6 million as of December 31, down slightly from GBP164.5 million at the end of September.
Its shares were up 0.8% at 404.25 pence in London Wednesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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