GW Pharmaceuticals Plc ADS (GWPH)

[jupp]

- Q1 losses widen while revenues improve
- Expect Sativex revenues to return to growth in 2014
- Robust pipeline of cannabinoid products

AIM-listed pharmaceutical company GW Pharmaceuticals said losses for the first quarter of 2014 widened as revenue improved.

The biopharmaceutical firm, known for its multiple sclerosis treatment Sativex, said pre-tax losses widened to $3.5m for the three months to December 31st compared to a loss of $2.4m a year earlier.

Total revenue for the period rose to £7.5m compared to £5.2m before.

Chief Executive Officer Justin Gover said: "In addition to our orphan epilepsy programme, as we move through 2014, we expect a significant amount of milestones, including Phase 3 cancer pain data for Sativex as well as important clinical progress across our robust pipeline of cannabinoid product candidates."

The group, which last year received regulatory approval in Switzerland for its treatment of spasticity due to multiple sclerosis, said it continues to expect Sativex revenues to return to growth in 2014. Sativex is approved for use in 25 countries.

Furthermore, it said upon the first patient being randomised into the planned US Phase 3 MS spasticity trials, it expects to receive a $5m milestone payment from pharmaceutical company Otsuka.

Cash and cash equivalents as at December 31st of £35.3m compared to £38.1m as at September 30th.
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