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GW Pharmaceutical to raise US$104mln in US

GW Pharmaceutical to raise US$104mln in US

Cannabis based medicine firm GW Pharmaceutical (LON:GWP) confirmed it will raise US$104mln through the listing of American depository shares (ADS) onto the NASDAQ.

The company, which has developed a cannabinoid treatment for spasticity caused by multiple sclerosis, has already launched one product and is developing a pipeline of other medicines.

Just yesterday, the company revealed results, which it called promising, from a study in which its new product Epidiolex was given to children and young adults with a form of hard to treat epilepsy.

Epidiolex takes the form of a flavoured syrup. It does not contain THC, the psychoactive compound in marijuana.

GW chief executive Justin Glover said: "We have been delighted with the continued support from US investors.

“Today's successful financing follows the recent release of promising data on our pipeline product Epidiolex in treating children and young adults with treatment-resistant epilepsy, and allows us not only to advance rapidly the development of this product candidate but also to commence preparations for future commercialisation.”

"We are very excited about GW's future prospects, not only for Epidiolex but also for the rest of our product portfolio, and look forward to reporting continued progress during the remainder of this year and beyond."

Through the underwritten funding, 1.7mln ADS are being sold at a price of US$86.83 each. GW itself is issuing 1.2mln of the ADS, whilst separately a further 500,000 ADS will be sold on behalf of certain existing shareholders which include the company’s directors.

The funding is expected to close on June 25.

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