GW's 1st-half turnover climbs 85.9% to L5.7M

UK drug developer GW Pharmaceuticals says that first-half 2008 turnover reached L5.7 million ($11.2 million) versus L800,000 in the comparable period the year before, reflecting income from its alliance with Japan's Otsuka and sales of Sativex, its cannabinoid oral spray for multiple sclerosis. The Porton Down-headquartered firm noted that it has enough cash to last until 2010.

During the period, net loss narrowed to L4.2 million from L6.6 million, while cash and short-term deposits as of March 31 stood at L18.5 million. On the day of the news, June 19, shares in the firm rose 8.5% to 51 pence, helped by a stock upgrade from KBC Peel Hunt to hold from sell.

GW's chairman, Geoffrey Guy, said that, in 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. In addition, with growing awareness amongst clinicians of the benefits of Sativex, we shall continue to support the increasing number of patients receiving Sativex on prescription in the UK and other countries around the world."