- Positive Phase 3 Epidiolex pivotal trial in Dravet syndrome -
- Initial LGS Phase 3 pivotal data expected in June -
- Conference call today at 9:00 a.m. EDT, 2:00 p.m. BST -
LONDON, May 05, 2016 (GLOBE NEWSWIRE) -- GW Pharmaceuticals plc (NASDAQ:GWPH) (AIM:GWP) (AIM:GW) (the Company or
the Group), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its
proprietary cannabinoid product platform, announced financial results for the second quarter and half-year ended 31 March 2016.
“Following positive results in our first Phase 3 trial of Epidiolex in Dravet syndrome, GW is now entering an
exciting new chapter as we start to prepare the Company’s first NDA submission to the FDA and step up plans for Epidiolex
commercialization,” stated Justin Gover, GW’s Chief Executive Officer. “The robust data from this first Phase 3 trial in Dravet
syndrome provides additional confidence for future clinical trials of Epidiolex and we look forward to results from our Phase 3
trials in Lennox-Gastaut syndrome in the near future. In addition, we continue to expand our research through exploring further
indications for Epidiolex as well as ongoing Phase 2 clinical programs for a number of our pipeline candidates.”
RECENT OPERATIONAL HIGHLIGHTS
- Epidiolex® (CBD) orphan epilepsy program:
- Company sponsored Phase 3 development programs in Dravet syndrome, Lennox-Gastaut syndrome (LGS) and Tuberous Sclerosis
Complex (TSC)
- Positive results in first Phase 3 Dravet syndrome trial
- Full publication of trial results expected in Q4 2016
- Second Phase 3 Dravet syndrome trial ongoing
- Pre-NDA meeting with FDA requested
- Two LGS Phase 3 trials fully enrolled; Data from first trial expected in June
- 98% transition rate of eligible patients from pivotal Phase 3 trials to long term open label extension
- Phase 3 TSC trial commenced, Orphan Drug Designation received from FDA
- Additional clinical development for Epidiolex expected to commence in H2 2016
- Expanded access program:
- Recent updates at the American Academy of Neurology (AAN) Annual Meeting showing consistent treatment effect and
safety profile in state-sponsored clinical programs from Alabama and Georgia
- Over 900 children and young adults authorized for treatment by FDA under Expanded Access Treatment INDs and 6 U.S.
State programs
- Advanced clinical programs in multiple cannabinoid pipeline product candidates:
- CBDV Phase 2 partial-onset epilepsy study in adults ongoing. Part A complete and Part B underway with data expected Q1
2017
- CBDV pre-clinical research ongoing within field of autism spectrum disorders. Initial clinical evaluation is expected to
commence in H2 2016, with Phase 2 trials expected to commence in Q1 2017
- Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD Phase 1 clinical program expected to commence in Q4 2016
- Orphan Drug and Fast Track Designations granted from FDA and EMA
- THCV Phase 2 study in type-2 diabetes completed - data expected in Q2/3 2016
- THC:CBD Phase 1b/2a study for the treatment of Recurrent Glioblastoma Multiforme (GBM) fully enrolled with data expected
in Q4 2016
- Orphan Drug Designation granted from FDA and EMA
- Sativex® Phase 2 study in spasticity due to cerebral palsy ongoing with data expected Q4 2016
- Pre-clinical progress addressing a number of areas of unmet need including autism spectrum disorders, Duchenne muscular
dystrophy, glioma, ovarian and pancreatic cancers
FINANCIAL HIGHLIGHTS
- Cash and cash equivalents at 31 March 2016 of £192.7 million ($276.8 million) compared to £234.9 million as at 30 September
2015
- Revenue for the six months ended 31 March 2016 of £6.3 million ($9.1 million) compared to £14.3 million for the six months
ended 31 March 2015. This decrease primarily reflects the expected reduction in R&D fees associated with the conclusion of
partner funded Sativex Phase 3 cancer pain trials
- Loss for the six months ended 31 March 2016 of £34.5 million ($49.6 million) compared to £10.9 million for the six months
ended 31 March 2015
Conference Call and Webcast Information
GW Pharmaceuticals will host a conference call and webcast to discuss the second quarter and half-year 2016
financial results today at 9:00 a.m. EDT / 2:00 p.m. BST. To participate in the conference call, please dial 877-407-8133 (toll
free from the U.S. and Canada) or 201-689-8040 (international). Investors may also access a live audio webcast of the call via the
investor relations section of the Company’s website at http://www.gwpharm.com. A replay of the call will also be available through the GW website
shortly after the call and will remain available for 90 days. Replay Numbers: (toll free):1-877-660-6853,
(international):1-201-612-7415. For both dial-in numbers please use conference ID # 13636232.
About GW Pharmaceuticals plc
Founded in 1998, GW is a biopharmaceutical company focused on discovering, developing and commercializing novel
therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. GW commercialized the world’s
first plant-derived cannabinoid prescription drug, Sativex®, which is approved for the treatment of spasticity due to multiple
sclerosis in 28 countries outside the United States. GW is advancing an orphan drug program in the field of childhood epilepsy with
a focus on Epidiolex® (cannabidiol), which is in Phase 3 clinical development for the treatment of Dravet syndrome, Lennox-Gastaut
syndrome and Tuberous Sclerosis Complex. GW has a deep pipeline of additional cannabinoid product candidates which includes
compounds in Phase 1 and 2 trials for glioma, type 2 diabetes, schizophrenia and epilepsy. For further information, please visit
www.gwpharm.com.
Forward-looking statements
This news release contains forward-looking statements that reflect GW's current expectations regarding
future events, including statements regarding financial performance, the timing of clinical trials, the relevance of GW products
commercially available and in development, the clinical benefits of Sativex® and Epidiolex® and the safety profile and commercial
potential of Sativex and Epidiolex. Forward-looking statements involve risks and uncertainties. Actual events could differ
materially from those projected herein and depend on a number of factors, including (inter alia), the success of GW’s research
strategies, the applicability of the discoveries made therein, the successful and timely completion of uncertainties related to the
regulatory process, and the acceptance of Sativex, Epidiolex and other products by consumer and medical professionals. A further
list and description of risks and uncertainties associated with an investment in GW can be found in GW’s filings with the U.S.
Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. GW undertakes no obligation to update or revise the information
contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Enquiries:
GW Pharmaceuticals plc |
|
Stephen Schultz, VP Investor Relations |
401 500 6570 |
|
|
FTI Consulting (Media Enquiries) |
|
Ben Atwell / Simon Conway |
+ 44 20 3727 1000 |
|
|
FleishmanHillard (U.S. Media) |
|
Paddi Hurley / Adam Silverstein |
212 453 2382 / 917 697 9313 |
GW Pharmaceuticals plc |
Condensed consolidated income statement |
Three months ended 31 March 2016 |
|
|
|
|
Three months
ended |
Three months
ended |
Three months
ended |
|
|
31 March |
31 March |
31 March |
|
|
2016 |
2016 |
2015 |
|
|
$000’s |
£000’s |
£000’s |
Revenue |
|
|
3,805 |
|
|
2,649 |
|
|
6,351 |
|
Cost of sales |
|
|
(779 |
) |
|
(542 |
) |
|
(645 |
) |
Research and development expenditure |
|
|
(36,988 |
) |
|
(25,749 |
) |
|
(15,362 |
) |
Sales, general and administrative expenses |
|
|
(4,657 |
) |
|
(3,242 |
) |
|
(3,794 |
) |
Net foreign exchange gain |
|
|
6,448 |
|
|
4,488 |
|
|
4,145 |
|
|
|
_______ |
_______ |
_______ |
Operating loss |
|
|
(32,171 |
) |
|
(22,396 |
) |
|
(9,305 |
) |
Interest income |
|
|
188 |
|
|
131 |
|
|
71 |
|
Interest expense |
|
|
(23 |
) |
|
(16 |
) |
|
(19 |
) |
|
|
_______ |
_______ |
_______ |
Loss before tax |
|
|
(32,006 |
) |
|
(22,281 |
) |
|
(9,253 |
) |
Tax benefit |
|
|
7,827 |
|
|
5,449 |
|
|
1,754 |
|
|
|
_______ |
_______ |
_______ |
Loss for the period |
|
|
(24,179 |
) |
|
(16,832 |
) |
|
(7,499 |
) |
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Loss per share – basic and diluted |
|
(9.2c) |
(6.4p) |
(3.2p) |
|
All activities relate to continuing operations. |
|
Condensed consolidated statement of comprehensive loss |
For the three months ended 31 March 2016 |
|
Three months |
Three months |
|
ended |
ended |
|
31 March |
31 March |
|
2016 |
2015 |
|
£000’s |
£000’s |
Loss for the period |
|
(16,832 |
) |
|
(7,499 |
) |
Items that may be reclassified subsequently to profit
or loss |
|
|
Exchange differences on retranslation of foreign operations |
|
(46 |
) |
|
(30 |
) |
Other comprehensive loss for
the period |
|
(46 |
) |
|
(30 |
) |
Total comprehensive loss for the
period |
|
(16,878 |
) |
|
(7,529 |
) |
|
GW Pharmaceuticals plc |
Condensed consolidated income statement |
Six months ended 31 March 2016 |
|
|
|
|
Six months
ended |
Six months
ended |
Six months
ended |
|
|
31 March |
31 March |
31 March |
|
|
2016 |
2016 |
2015 |
|
|
$000’s |
£000’s |
£000’s |
Revenue |
|
|
9,073 |
|
|
6,316 |
|
|
14,317 |
|
Cost of sales |
|
|
(1,765 |
) |
|
(1,229 |
) |
|
(1,214 |
) |
Research and development expenditure |
|
|
(71,664 |
) |
|
(49,888 |
) |
|
(30,487 |
) |
Sales, general and administrative expenses |
|
|
(9,864 |
) |
|
(6,867 |
) |
|
(4,597 |
) |
Net foreign exchange gain |
|
|
11,618 |
|
|
8,089 |
|
|
8,179 |
|
|
|
_______ |
_______ |
_______ |
Operating loss |
|
|
(62,602 |
) |
|
(43,579 |
) |
|
(13,802 |
) |
Interest income |
|
|
279 |
|
|
194 |
|
|
114 |
|
Interest expense |
|
|
(50 |
) |
|
(35 |
) |
|
(39 |
) |
|
|
_______ |
_______ |
_______ |
Loss before tax |
|
|
(62,373 |
) |
|
(43,420 |
) |
|
(13,727 |
) |
Tax benefit |
|
|
12,765 |
|
|
8,886 |
|
|
2,823 |
|
|
|
_______ |
_______ |
_______ |
Loss for the period |
|
|
(49,608 |
) |
|
(34,534 |
) |
|
(10,904 |
) |
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Loss per share – basic and diluted |
|
(18.9c) |
(13.2p) |
(4.6p) |
|
All activities relate to continuing operations. |
|
Condensed consolidated statement of comprehensive
loss |
For the six months ended 31 March 2016 |
|
Six months |
Six months |
|
ended |
ended |
|
31 March |
31 March |
|
2016 |
2015 |
|
£000’s |
£000’s |
Loss for the period |
|
(34,534 |
) |
|
(10,904 |
) |
Items that may be reclassified subsequently to profit
or loss |
|
|
Exchange differences on retranslation of foreign operations |
|
(99 |
) |
|
(36 |
) |
Other comprehensive loss for
the period |
|
(99 |
) |
|
(36 |
) |
Total comprehensive loss for the
period |
|
(34,633 |
) |
|
(10,940 |
) |
|
GW Pharmaceuticals plc |
Condensed consolidated statement of changes in equity |
Six months ended 31 March 2016 |
|
|
|
Called-up |
Share |
|
|
|
|
share |
premium |
Other |
Accumulated |
|
|
capital |
account |
reserves |
deficit |
Total |
|
£000’s |
£000’s |
£000’s |
£000’s |
£000’s |
Balance at 1 October 2014 |
237 |
220,551 |
|
19,260 |
|
|
(81,464 |
) |
|
158,584 |
|
Issue of share capital |
- |
59 |
|
- |
|
|
- |
|
|
59 |
|
Exercise of share options |
- |
379 |
|
- |
|
|
- |
|
|
379 |
|
Share-based payment transactions |
- |
- |
|
- |
|
|
806 |
|
|
806 |
|
Loss for the period |
- |
- |
|
- |
|
|
(10,904 |
) |
|
(10,904 |
) |
Other comprehensive loss |
- |
- |
|
(36 |
) |
|
- |
|
|
(36 |
) |
|
_________ |
_________ |
________ |
__________ |
________ |
Balance at 31 March 2015 |
237 |
220,989 |
|
19,224 |
|
|
(91,562 |
) |
|
148,888 |
|
|
_________ |
_________ |
________ |
__________ |
________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 October 2015 |
261 |
349,275 |
|
19,189 |
|
|
(123,455 |
) |
|
245,270 |
|
Exercise of share options |
2 |
623 |
|
- |
|
|
- |
|
|
625 |
|
Share-based payment transactions |
- |
- |
|
- |
|
|
3,164 |
|
|
3,164 |
|
Loss for the period |
- |
- |
|
- |
|
|
(34,534 |
) |
|
(34,534 |
) |
Deferred tax attributable to unrealized share option gains |
- |
- |
|
- |
|
|
4 |
|
|
4 |
|
Other comprehensive loss |
- |
- |
|
(99 |
) |
|
- |
|
|
(99 |
) |
|
_________ |
_________ |
________ |
__________ |
________ |
Balance at 31 March 2016 |
263 |
349,898 |
|
19,090 |
|
|
(154,821 |
) |
|
214,430 |
|
|
_________ |
_________ |
________ |
__________ |
________ |
|
GW Pharmaceuticals plc |
Condensed consolidated balance sheets |
As at 31 March 2016 |
|
|
|
|
As at
31 March |
As at
31 March |
As at
30 September |
|
|
2016 |
2016 |
2015 |
Non-current assets |
|
$000’s |
£000’s |
£000’s |
Intangible assets - goodwill |
|
|
7,484 |
|
|
5,210 |
|
|
5,210 |
|
Other intangible assets |
|
|
418 |
|
|
291 |
|
|
245 |
|
Property, plant and equipment |
|
|
49,439 |
|
|
34,416 |
|
|
28,733 |
|
Deferred tax asset |
|
|
1,006 |
|
|
700 |
|
|
418 |
|
|
|
_________ |
__________ |
__________ |
|
|
|
58,347 |
|
|
40,617 |
|
|
34,606 |
|
|
|
_________ |
__________ |
__________ |
Current assets |
|
|
|
|
Inventories |
|
|
6,698 |
|
|
4,663 |
|
|
4,756 |
|
Taxation recoverable |
|
|
31,415 |
|
|
21,869 |
|
|
12,641 |
|
Trade receivables and other assets |
|
|
4,847 |
|
|
3,374 |
|
|
2,873 |
|
Cash and cash equivalents |
|
|
276,791 |
|
|
192,684 |
|
|
234,872 |
|
|
|
_________ |
__________ |
__________ |
|
|
|
319,751 |
|
|
222,590 |
|
|
255,142 |
|
|
|
_________ |
__________ |
__________ |
Total assets |
|
|
378,098 |
|
|
263,207 |
|
|
289,748 |
|
|
|
_________ |
__________ |
__________ |
Current liabilities |
|
|
|
|
Trade and other payables |
|
|
(42,569 |
) |
|
(29,633 |
) |
|
(24,022 |
) |
Current tax liabilities |
|
|
(122 |
) |
|
(85 |
) |
|
(366 |
) |
Obligations under finance leases |
|
|
(164 |
) |
|
(114 |
) |
|
(111 |
) |
Deferred revenue |
|
|
(3,792 |
) |
|
(2,640 |
) |
|
(3,269 |
) |
|
|
_________ |
__________ |
__________ |
|
|
|
(46,647 |
) |
|
(32,472 |
) |
|
(27,768 |
) |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Trade and other payables |
|
|
(12,462 |
) |
|
(8,675 |
) |
|
(8,445 |
) |
Obligations under finance leases |
|
|
(2,130 |
) |
|
(1,483 |
) |
|
(1,540 |
) |
Deferred revenue |
|
|
(8,830 |
) |
|
(6,147 |
) |
|
(6,725 |
) |
|
|
_________ |
__________ |
__________ |
Total liabilities |
|
|
(70,069 |
) |
|
(48,777 |
) |
|
(44,478 |
) |
|
|
_________ |
__________ |
__________ |
Net assets |
|
|
308,029 |
|
|
214,430 |
|
|
245,270 |
|
|
|
_________ |
__________ |
__________ |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
|
378 |
|
|
263 |
|
|
261 |
|
Share premium account |
|
|
502,628 |
|
|
349,898 |
|
|
349,275 |
|
Other reserves |
|
|
27,423 |
|
|
19,090 |
|
|
19,189 |
|
Accumulated deficit |
|
|
(222,400 |
) |
|
(154,821 |
) |
|
(123,455 |
) |
|
|
_________ |
__________ |
__________ |
Total equity |
|
308,029 |
214,430 |
245,270 |
|
|
_________ |
__________ |
__________ |
|
GW Pharmaceuticals plc |
Condensed consolidated cash flow statements |
For the six months ended 31 March 2016 |
|
|
|
Six months
ended |
Six months ended |
Six months ended |
|
31 March |
31 March |
31 March |
|
2016 |
2016 |
2015 |
|
$000’s |
£000’s |
£000’s |
Loss for the period |
|
(49,608 |
) |
|
(34,534 |
) |
|
(10,904 |
) |
Adjustments for: |
|
|
|
Interest income |
|
(279 |
) |
|
(194 |
) |
|
(114 |
) |
Interest expense |
|
50 |
|
|
35 |
|
|
39 |
|
Tax benefit |
|
(12,765 |
) |
|
(8,886 |
) |
|
(2,823 |
) |
Depreciation of property, plant and equipment |
|
2,212 |
|
|
1,540 |
|
|
1,016 |
|
Amortisation of intangible assets |
|
39 |
|
|
27 |
|
|
2 |
|
Net foreign exchange gains |
|
(12,034 |
) |
|
(8,377 |
) |
|
(8,265 |
) |
(Decrease)/increase in provision for inventories |
|
(66 |
) |
|
(45 |
) |
|
13 |
|
Loss on disposal of property, plant and equipment |
|
- |
|
|
- |
|
|
1 |
|
Share-based payment charge |
|
4,545 |
|
|
3,164 |
|
|
806 |
|
|
__________ |
__________ |
__________ |
|
|
(67,906 |
) |
|
(47,270 |
) |
|
(20,229 |
) |
Decrease in inventories |
|
200 |
|
|
138 |
|
|
289 |
|
Increase in trade receivables and other assets |
|
(715 |
) |
|
(498 |
) |
|
(904 |
) |
Increase in trade and other payables and deferred revenue |
|
3,086 |
|
|
2,148 |
|
|
1,106 |
|
|
__________ |
__________ |
__________ |
Cash used in operations |
|
(65,335 |
) |
|
(45,482 |
) |
|
(19,738 |
) |
Income taxes paid |
|
(1,284 |
) |
|
(894 |
) |
|
- |
|
Research and development tax credits received |
|
- |
|
|
- |
|
|
5,415 |
|
|
__________ |
__________ |
__________ |
Net cash outflow from operating
activities |
|
(66,619 |
) |
|
(46,376 |
) |
|
(14,323 |
) |
|
__________ |
__________ |
__________ |
Investing activities |
|
|
|
Interest received |
|
267 |
|
|
186 |
|
|
113 |
|
Purchases of property, plant and equipment |
|
(6,687 |
) |
|
(4,655 |
) |
|
(10,165 |
) |
Purchases of intangible assets |
|
(214 |
) |
|
(149 |
) |
|
(59 |
) |
Proceeds from sales of property, plant and equipment |
|
- |
|
|
- |
|
|
1 |
|
|
__________ |
__________ |
__________ |
Net cash outflow from investing
activities |
|
(6,634 |
) |
|
(4,618 |
) |
|
(10,110 |
) |
|
__________ |
__________ |
__________ |
Financing activities |
|
|
|
Proceeds on exercise of share options |
|
898 |
|
|
625 |
|
|
379 |
|
Proceeds of new equity issue |
|
- |
|
|
- |
|
|
59 |
|
Interest paid |
|
(50 |
) |
|
(35 |
) |
|
(44 |
) |
Repayment of obligations under finance leases |
|
(79 |
) |
|
(55 |
) |
|
(55 |
) |
|
__________ |
__________ |
__________ |
Net cash inflow from financing activities |
|
769 |
|
|
535 |
|
|
339 |
|
|
__________ |
__________ |
__________ |
Effect of foreign exchange rate changes on cash and cash
equivalents |
|
11,881 |
|
|
8,271 |
|
|
8,235 |
|
|
__________ |
__________ |
__________ |
Net decrease in cash and cash equivalents |
|
(60,603 |
) |
|
(42,188 |
) |
|
(15,859 |
) |
Cash and cash equivalents at beginning of the period |
|
337,394 |
|
|
234,872 |
|
|
164,491 |
|
|
__________ |
__________ |
__________ |
Cash and cash equivalents at end of the
period |
276,791 |
192,684 |
148,632 |
|
__________ |
__________ |
__________ |