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

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.

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

GW Pharmaceuticals Timeline

Related Articles

1539364967_Cannabis-plant.jpg
October 10 2018
Management behind ICC International Cannabis Corp has a clear buy, build and sell strategy
cannabis leaf and green tablets
October 29 2018
The company will now proceed with stage II of the human clinical trial.
Cannabis leaf
10:00
With the legalisation of recreational cannabis in Canada in October, and the US expected to follow suit, the company has its sights set on building up the very best in the industry

© 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