GW Pharmaceuticals Closes U.S. Public Offering; Cannabis-Based Medicines Progress

NORTH CAROLINA:  Yesterday, Salisbury, UK-based GW Pharmaceuticals plc announced the closing of its public offering of 1.7 million American Depositary Shares on the NASDAQ Global Market. When taken together with the full exercise of options for another 255,000 ADSs by the underwriters at $86.83/ADS, the offering totaled $169.8 million.

Although some of the ADRs were sold by current shareholders, the company still grossed $126.3 million before discounts and expenses.

The funds come at a time when its flagship product,Sativex®, garnered a FDA Fast Track designation–after its approval in several other countries as early as 2005–and its Epidiolex® cannabidiol (CBD) formulation received orphan drug designation for severe, intractable epilepsy syndromes in infants and young children.

Coincident with the conclusion of GW’s stock offering yesterday, the North Carolina State House of Representatives is advancing a bill that would explicitly permit patients and their families to obtain a CBD-enriched oil (10% or more) with no more than 0.3% THC, the primary psychoactive constituent.
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