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GW Pharmaceuticals finds a new supporter: Great Point Partners Healthcare Fund

GW Pharmaceuticals finds a new supporter: Great Point Partners Healthcare Fund

GW Pharmaceuticals (AIM: GWP), which develops and manufactures a range of cannabinoid medicines announced that it had successfully placed 7.55 million shares at 78 pence per share – a 1 pence premium to the closing price yesterday.


The bulk of the placing was taken up by US Healthcare Fund, Great Point Partners, while M&G Investment Management took up enough stock to maintain its equity interest in the company.


The placing will raise gross proceeds of US$11.2 million (£6.6 million) for GW Pharmaceuticals, who said the funds would be used for additional clinical trials and research & development.


In addition, GW Pharmaceuticals issued to Great Point warrants to subscribe for approximately 3.776 million shares, 1.888 million of which have an exercise price of 105 pence per share, and the remaining 1.888 million have an exercise price of 175 pence per share.


The warrants can be exercised at any time prior to the fifth anniversary of their issue.


The new shares represent approximately 7.0 per cent of the Company's issued share capital prior to the subscription.


Following the placing, Great Point will hold 5.8% of GW Pharmaceuticals, while M&G will hold 10.8%.
Justin Gover, Managing Director of GW, said: 'We are pleased that such a prominent US healthcare fund has sought to take this significant equity stake in GW. Great Point's investment widens and internationalises GW's institutional shareholder base and reflects GW's emerging presence in the US market. The investment also serves to further enhance GW's strong cash position.'

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