Cannabis-based drugs firm surges into profit
GW Pharmaceuticals, the Cambridge UK medical technology business whose products are based on cannabis, has turned a 2012 first half loss into a 2013 H1 profit.
Total revenue for the six months to March 31 was £12.9m compared to £11.1m at the same stage last year. Net profit after tax was £0.1m compared to a loss of £3.2m in 2012.Cash and cash equivalents at period-end were £27.9m compared to £29.3m at September 30. The company raised an additional £18.2m from a NASDAQ IPO after the end of the trading period.CEO Justin Gover said: “GW has made significant progress in the year to date. Most notably, we recently successfully completed a Nasdaq listing and initial public offering to US investors.
“We believe that this represents a significant corporate milestone for GW. With Sativex® advancing through Phase 3 trials in the US for cancer pain, commercialisation continuing in Europe and other parts of the world, four new clinical trials commencing in a highly promising cannabinoid product pipeline, and a strong balance sheet, we are very excited about the next phase in our company’s evolution.”