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."In addition, we are very pleased to announce today that the FDA has agreed to allow the start of GW-sponsored placebo-controlled trials for the treatment of Dravet syndrome and we look forward to commencing this program as rapidly as possible," Gover said. This entails an FDA Investigational New Drug (IND) application (IND) for Epidiolex.
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.