GW Pharma revenues rise but 1st-qtr loss incurred
Shares of UK-based cannabis-based drug developer GW Pharmaceuticals (AIM: GWP) fell 3,9% to 287.39 pence this morning, after it announced financial results for its first fiscal quarter ended December 31, 2013, posting a net loss of £2.8 million ($4.7 million) compared to a profit after tax of £2.1 million for the like 2012 period.
Total revenue for the three months leapt 44% to £7.5 million ($12.4 million) compared to £5.2 million. Cash and cash equivalents as at December 31, 2013, were of £35.3 million compared to £38.1 million as at September 30, 2013. Since the period end, this cash position has been further enhanced by receipt of the net proceeds after expenses from the follow-on offering of ADSs on the Nasdaq Global Market of $94.0 million in January 2014. GW’s shares have rocketed some 380% since listing on the Nasdaq last May.
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