GW Pharmaceuticals (LON:GWP) this morning said its cannabis-derived spray has been approved in the Czech Republic for patients with multiple sclerosis.
After a protracted regulatory sign off her in the UK, Sativex was given the green light in six other European countries including Germany, Italy and Sweden last month under an EU mutual recognition pact.
Launch timing in each country will be dependent on national regulations concerning pricing and reimbursement.
GW's marketing partner, Almirall, anticipates Sativex will launch in Germany, Denmark and Sweden before the year-end.
The endorsement of its efforts came earlier this week when it unveiled a landmark agreement with Novartis to sell the product in a number of overseas markets.
City broker Peel Hunt said GW could not have chosen a better partner than the Franco-Swiss drugs giant.
Novartis recently gained US and European regulatory approval for the first oral MS treatment, Gilenya, which analysts believe could make $3 billion in peak annual sales.
Setting a 178 pence a share price target, Peel Hunt analyst Paul Cuddon told investors: “(We) see an excellent buying opportunity given the recent share price weakness.”
In the year to date the shares have fallen 6 per cent and closed last night at 108.5 pence, valuing the GW at £143 million.
Sativex is currently undergoing phase III clinical development for the treatment of cancer pain.