GW Pharma reports first ever profit

UK-based cannabinoid specialist GW Pharmaceuticals has reported its first ever profit for the six months to March 31, 2009, due to a payment  from Spanish Sativex (Cannabis sativa) marketing partner Laboratorios  Almirall.

Revenue rocketed to GBP16.1 million ($21.7 million), versus just GBP5.7  million in the same period of the year before, due to the GBP8.0-million  payment received from Almirall on renegotiation of the firms' accord.  R&D costs were up 8% to GBP9.9 million, of which GBP6.2 million was funded  by Japan's Otuska Pharmaceutical, 51% more than in last year's period.

The company's net income was GBP4.0 million vs a loss of  GBP4.2 million. As  of March 31, the firm had GBP11.8 million in cash and cash equivalents  remaining.