6th Aug 2015 11:41
LONDON (Alliance News) - GW Pharmaceuticals PLC Thursday said its pretax loss for the nine months to end-June widened, despite a rise in revenue, as it continued to invest and progress its pipeline of drugs towards commercialisation.
Chief Executive Officer Justin Gover said in a statement that the company has "unprecedented momentum", citing four phase III trials progressing for its pediatric epilepsy drug Epidiolex, as well as a "full pipeline of other early and late stage clinical programmes across a range of indications."
"We expect to carry this momentum through the remainder of 2015 as we approach pivotal Phase 3 data for Epidiolex and GW moves confidently forward with preparations for an expected NDA submission in 2016 as well as continuing to build a high quality U.S. commercial infrastructure ahead of commercial launch," Gover added.
The pharmaceutical company posted a pretax loss of USD38.9 million for the quarter to end June, widened from a pretax loss of USD24.7 million a year before, on revenue of USD13.6 million compared to USD8.6 million, mostly as a result of higher research and development costs.
During the quarter the company's total research and development expenditure increased by GBP10.6 million as it progressed clinical trials.
This means that for the nine months to the end of June, GW reported a pretax loss of USD60.4 million, widened from USD38.5 million, on revenue of USD36.0 million, up from USD22.9 million, as research and development costs jumped to USD80.6 million, up from USD51.3 million.
Also on Thursday, the company said it had received a fast track designation from the US Food and Drug Administration for its intravenous form of cannabidiol for the treatment of Neonatal Hypoxic-Ischemic Encephalopathy, and the European Medicines Agency also granted the same product with an orphan drug designation to treat perinatal asphyxia.
Shares in GW were up 4.1% at 636.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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