GW Pharma shows drop in revenue but expects 'steady progress'

UK-based GW Pharmaceuticals (Nasdaq: GWPH), a biopharmaceutical company focused on developing novel therapeutics from its proprietary cannabinoid product platform, has announced second quarter results for the period ending March 31, 2014.

Revenue was down 3.6% to £7.5million ($12.5 million) from the same period last year. In January GW successfully completed a US follow-on offering on the Nasdaq Global Market issuing a total of 2,807,275 American Depositary Shares (ADSs) at a price of $36.00 per ADS. Total net proceeds after expenses were around $94.1 million (£56.8 million) which are intended to allow GW to advance the clinical development of the company’s epilepsy product candidates. It made a loss per share of 2.5p compared to 1.5p last year.

Justin Gover, GW’s chief executive, said: “I am pleased to report another busy period for GW, during which we completed a successful follow-on offering on NASDAQ and made significant progress on a number of our development programs, in particular our Epidiolex childhood epilepsy program. In the last quarter, both the number of Epidiolex treatment programs authorized by the FDA, and the number of children receiving Epidiolex, has significantly expanded.