GW Pharmaceuticals blames R&D spending for wider losses
Cannabis-based drug maker GW Pharmaceuticals blamed higher research and development costs for higher annual losses, knocking its shares.
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GW, whose flagship cannabinoid prescription drug Sativex is approved in 27 countries outside the US to treat spasticity due to multiple sclerosis, said pre-tax losses in the year to 30 September rose to £19.6m from £10.4m on revenue of £30m, up from £27.3m a year ago.
Sativex is also in phase three clinical development as a potential treatment of pain linked to advanced cancer.
The company said its Epidiolex programme for childhood epilepsy had advanced rapidly in the last year.
During 2014, it raised significant capital from US investors, began treating about 200 children, obtained encouraging clinical data and started formal clinical development in the US.
Chief executive Justin Gover said: "In 2015, we expect to complete much of the Epidiolex development programme as well as start to build a US commercial presence in anticipation of future launch.
"Beyond Epidiolex, we expect to report phase three data from the Sativex cancer pain trials in early 2015 which, if positive, would enable the filing of (a new drug application) in the US during next year.
"We also look forward to progressing multiple clinical trials for our cannabinoid product pipeline."
Shares fell 8p or 2% to 384.5p at 12:55 in London.