Cannabis Science Inc (fka CBIS)

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GW Pharmaceuticals’ profits soar on cannabis-based drug
Last updated: Wed 24th November, 2010 | Time: 08:23am

Wiltshire-based drug company GW Pharmaceuticals' profits have risen sharply following the successful launch of its cannabis-based drug Sativex in the UK.

GW Pharmaceuticals, which is based in Salisbury, increased pre-tax profits to £4.6m, almost a four-fold increase on last year (£1.2m).

Sativex is an under the tongue spray for the treatment of spasticity for sufferers to Multiple Sclerosis (MS). GW Pharmaceuticals is also trialing the medicine to treat cancer pain.

It is the first ever cannabis-derived medicine to receive full regulatory approval in the UK, Canada and New Zealand. The drug is set to launched for MS sufferers in Spain in early 2011,

The company’s turnover increased 27 per cent to £30.7m, including Sativex sales up 64 per cent to £2.8m.

GW Pharmaceuticals chairman Dr Geoffrey Guy said: "This has been a landmark year for GW. We have reported a strong rise in revenues and profits, gained our first major approvals in Europe for Sativex, and advanced this innovative medicine into late stage development for the US market.

"At the same time we have enhanced our longer term prospects through the extension of our research collaboration with Otsuka and generation of exciting data in our earlier stage pipeline.

“We are very pleased with the UK launch of Sativex, which marks the beginning of the evolution of GW from a late stage development company to a commercial biopharmaceutical business, and we look forward to commercialising this product across many regions of the world as further approvals are obtained.

“With an approved lead product, exciting cannabinoid pipeline, strong partnerships, and a healthy financial position, we believe we are well positioned for growth and are excited about the company's prospects for the future."

Source: http://www.insidermedia.com/insider/south-west/42908-/