GW Pharma posts six-month results; progresses cannabinoid pipeline including into diabetes and UC

UK biopharma company GW Pharmaceuticals (AIM: GWP), which is developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced financial results half year ended March 31, 2013, showing that total revenue £12.9 million ($19.6 million) compared to £11.1 million in first-half 2012.

Net profit after tax for the six months came in at £100,000, compared with £200,000. Cash and cash equivalents stood at £27.9 million) compared to £29.3 million a year earlier.

“I am pleased to report GW has made significant progress in the year to date. Most notably, we recently successfully completed a Nasdaq listing and initial public offering to U.S. investors,” stated Justin Gover, GW’s chief executive, adding: “We believe that this represents a significant corporate milestone for GW. With Sativex advancing through Phase OOO trials in the US for cancer pain, commercialization continuing in Europe and other parts of the world, four new clinical trials commencing in a highly promising cannabinoid product pipeline, and a strong balance sheet, we are very excited about the next phase in our company’s evolution.”