Wednesday January 15, 02:43 PM
GW Pharmaceuticals, the company licensed by the Home Office to work with cannabis and a range on controlled drugs for medical research, said on Wednesday that it was on track to submit a regulatory application for the world's first non-smoked prescription cannabis-based medicine in this year's first quarter.
Unveiling GW's preliminary full-year results, executive chairman Geoffrey Guy said positive results from four Phase III trials in multiple sclerosis and neuropathic pain had taken GW a step closer to the product's launch.
The treatment is now scheduled for launch in 2003, rather than the originally scheduled 2004.
For the full year, GW said it posted a net loss of £11.2m - in line with expectations - and that it had net cash of £20.2m at the year-end.
In mid-afternoon trading, shares in GW were down 2 per cent at 172p.
Copyright © 2003 FT Investor