Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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.'

Join our Crypto, Blockchain and Cannabis Telegram group here
View full GWP profile View Profile

GW Pharmaceuticals Timeline

Related Articles

cannabis leaf and green tablets
October 29 2018
The company will now proceed with stage II of the human clinical trial.
Laboratory testing
October 09 2018
Fifteen patients have been enrolled in the trial being carried out at Children’s Hospital of Philadelphia in the USA.
medical cannabis
October 01 2018
The companies will collaborate on activities to develop cannabinoid medicines as a medical option in Chile.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use