GW Pharmaceuticals (GWP)

GW Pharmaceuticals (GWP) – Pre-tax Loss Narrows

GW Pharmaceuticals which develops cannabinoid medicines said its first-half pre-tax loss narrowed sharply as revenues rose on the back of the company’s agreements with Otsuka.

Chairman Geoffrey Guy said:
‘During the coming months, we will be focused on completing the pivotal clinical trials for Sativex in MS spasticity and cancer pain and building on the exciting data being generated in our cannabinoid pipeline.’

The company said its pre-tax loss for six months ended March narrowed to £5.19m from £7.56m a year ago, while revenues jumped to £5.70m from £823,000. GW said its cash and short term deposits at March 31 were £18.5m. It added that it expects an outcome for its regulatory application for Sativex in New Zealand by the second half of 2008.