GW trims loss

[grace]

GW trims loss

Nov 19 2008

growthbusiness.co.uk

http://www.growthbusiness.co.uk/news/small...rims-loss.thtml

 

Drug developer GW Pharmaceuticals has cut its annual loss 19 per cent to £10.2 million on turnover doubled to £11.8 million.

 

The Salisbury-based company, which develops and produces medicines based on cannabis and other controlled drugs, attributes its revenue increase in the year to September to growth in sales of its key Sativex painkiller and a collaboration agreement with Japanese group Otsuka.

 

AIM-quoted GW says highlights include positive multiple sclerosis pain trial results for Sativex, which is now exported to 21 countries, and a Phase IIb/III cancer pain trial, funded by Otsuka as part of a US development programme, due to be completed in the second half of next year.

 

The company says it ended the financial year with £14.1 million cash. Chairman Geoffrey Guy comments, ‘GW has managed to increase its research activities while at the same time reducing its cash burn.’

 

The shares, which dropped from 160p at the beginning of 2006 to 26.5p last month, have perked up slightly to 32.5p. That values the company at £39.3 million.

 

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today with a half-price offer, and gain immediate access to all the recommendations, click here.