GW Pharmaceuticals, the UK-based developer and manufacturer of cannabinoid medicines, including Sativex, has released its interim results for H1 FY07.
Net loss for the period was GBP 6.7m, compared with GBP 6.9m in the same period of 2006, which was in line with expectations. Cash and short term deposits at 31 March 2007 were GBP 21.9m. Net cash inflow for the period was GBP 2.0m
GW and partner Bayer HealthCare Pharmaceuticals also announced that Health Canada, the Canadian regulatory agency, had issued a Qualifying Notice for the approval of Sativex in the relief of cancer pain.
Sativex is already approved and marketed in Canada as adjunctive treatment for the symptomatic relief of neuropathic pain in Multiple Sclerosis (MS) in adults.
Other highlights of H1 FY07:
Dr Geoffrey Guy, GW's Chairman, said: "We look forward to the start of our first large scale US clinical trial, to be fully funded by Otsuka, and the approval and launch of the cancer pain indication in Canada. In addition, the European regulatory submission for Sativex in MS spasticity is expected to conclude. We also expect to sign a global cannabinoid research collaboration with Otsuka and to see progress of early stage programmes under this arrangement, as well as progress with the early clinical development of THCV as a potential treatment for obesity and related metabolic disorders."
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