British company GW Pharma will sell more than 2 million shares on NASDAQ, which will bring in the money needed to advance its impressive pipeline even further.
GW Pharma focuses on the development of therapeutics using its cannabinoid product platform for a range of diseases, including autism, epilepsy and brain cancer. Today, the company announced the pricing of the shares that it will sell on the NASDAQ at $115 (€98), which could it raise around $276M (€235M). The announcement has clearly got investors excited, with the company’s stock price up by almost 8% this morning. With a number of candidates entering the later stages of clinical development, this boost may see GW Pharma over the line.
GW’s lead candidate, Epidiolex, is a liquid formulation of pure cannabidiol for severe early-onset, drug-resistant epilepsy. In 2013, GW started to focus on two particularly rare and difficult-to-treat forms of epilepsy: Dravet syndrome and Lennox-Gastaut syndrome – both of which have been granted orphan drug designation by the FDA. The company’s closest competition in this area seems to come from the US, with a small biotech called Zogenix achieving positive Phase III results for its Dravet Syndrome candidate, ZX008.
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