New GW Pharma Shares Issued Raising $11.2m

GW Pharmaceutical, the UK developer and manufacturer of a range of new cannabinoid medicines, including Sativex, has signed an agreement with funds controlled by Great Point Partners, a USA-based specialist health care institutional investor, to subscribe for 7,553,920 new GW ordinary shares at 78 pence each. This agreement follows a recent unsolicited request by Great Point for it to take a significant equity position in the Company.

In addition, GW has signed an agreement with M&G Investment Management, its largest institutional shareholder, to subscribe for 917,000 new ordinary shares at 78 pence per share, thus maintaining M&G's shareholding percentage prior to the subscription.

In total, the subscription has raised $11.2 million before expenses. The subscription price of 78 pence per share compares with a closing price of 77 pence per share on the previous day.