LONDON (ShareCast) - Cannabis-based medicine group GW Pharmaceuticals continued this month’s rally from a 52-week low following reduced interim losses.

Turnover in the six months to end-March soared to £5.7m from £0.8m a year earlier, largely as a result of the alliance with global pharmaceuticals group Otsuka and increased sales of Sativex, GW’s mouth spray for the alleviation of pain in multiple-sclerosis sufferers.

Loss before tax was trimmed to £5.2m from £7.6m while post-tax losses were reduced to £4.2m from £6.6m.

Cash and short term deposits at the end of March stood at £18.5m, including a cash advance of £2.1m from Otsuka.

Net cash outflow during the reporting period was £2.5m, compared with an inflow of £2m in the corresponding period a year earlier when the company received a £9.2m fee from the US licensing agreement for Sativex.

“During the coming months, we will be focused on completing the pivotal clinical trials for Sativex in MS spasticity and cancer pain and building on the exciting data being generated in our cannabinoid pipeline,” said Dr. Geoffrey Guy, GW’s chairman.

“In addition, with growing awareness amongst clinicians of the benefits of Sativex, we shall be seeking to build on its increasing prescription use in the UK and other countries around the world,” Dr. Guy added.

• News Channel