NEW YORK (MainStreet) GW Pharmaceuticals (GWPH), the London-based biopharmaceutical company that is a leader in medical marijuana, announced today the strong financial results for six-month period ending March 31, with $25 million in revenue compared to some $21.9 million in the fiscal first-half of 2013.
Though GWPH, the only medical marijuana company publicly traded on the Nasdaq, reported a six-month loss of $13.3 million compared to about $170,000 in profit for the fiscal first-half of 2013, the company boasts a robust $159.4 million in cash and cash equivalents, compared to some $64.6 million as of September 30, 2013.
"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," said Justin Gover, GW's Chief Executive Officer. He touted last quarter's expansion of the number of FDA-authorized Epidiolex treatment programs and the number of children receiving the benefit of the drug.
To boot, GW is progressing toward the conclusion of our U.S. Phase 3 cancer pain trials for Sativex as well as advancing Phase 2 trials of several other pipeline candidates.
Based on GWPH's innovative commercial therapeutics on a proprietary cannabinoid product platform, Morgan Stanley last month gave the company its vote of confidence, stamping the stock with a bullish "overweight" rating and a $103.00 price target.