GW Pharma goes into 3rd-qtr loss

5 August 2013

UK-based GW Pharmaceuticals (Nasdaq: GWPH, AIM: GWP) which is focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announces financial results for the third quarter ended June 30, 2013, reporting a loss of £2.0 million ($3.1 million) compared to a profit of £7.9 million for the like 2012 period, which primarily reflected the impact of the £9.8 million milestone payment received in the comparable period last year.

Cannabis-based prescription multiple sclerosis spasticity drug Sativex product sales revenues were £500,000, compared to £100,00 for the like three months of 2012, reflecting increased shipments of inventory to commercial partners

Total revenue for the three months was £7.3 million compared to £14.5, a period in which a £9.8 million milestone payment was received. Cash and cash equivalents at June 30, 2013 were £43.6 million compared to £29.3 million as at 30 September 2012

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