GW reports 2.6% loss reduction to L6.7M

UK-based drugmaker GW Pharmaceuticals says that, for the six months ended March 31, 2007, its net loss was L6.7 million ($13.3 million), an improvement of 2.9% on the deficit it recorded in the comparable period in 2006. The firm said the shortfall was in line with its expectations.

Overall, GW remained upbeat, highlighting the $18.0 million Sativex (a cannabis-based oromuscosal spray) licensing deal it agreed with Japan's Otsuka (Marketletter February 19) as a key future income source. The firm added that the accord will also see its Japanese partner fund all US trials of the drug in cancer pain indications.

GW also reported that Health Canada, the country's regulatory agency, has issued a Qualifying Notice of Approval for the use of Sativex in the cancer pain indication. Currently, the drug, which is marketed exclusively in the territory by Germany's Bayer, is cleared for the symptomatic relief of neuropathic pain associated with multiple sclerosis. GW added that Health Canada's notice is a key step in gaining further approvals worldwide.