Biopharmaceutical company GW Pharmaceuticals plc GWPH 21.19% revealed Tuesday that its revenue for the third quarter hit $137.1 million, up by 51% year-over-year.
For the first nine months of this fiscal year, total revenue amounted to $378.6 million versus $202.3 million for the same period of 2019.
For the quarter, net loss was $12.2 million, down by 13.1% compared to last year's corresponding quarter.
As of Sept. 30, the company had $480.3 million in cash and cash equivalents.
GW Pharmaceuticals also reported "strong revenue growth" in the third quarter "despite the challenges presented" by the current health crisis, GW chief executive Justin Gover said.
Over the quarter, the CBD epilepsy drug — Epidiolex — generated $132.6 million in net sales. In August, the FDA approved the expansion of the indication for the drug.
Besides treating those suffering from seizures linked to Lennox-Gastaut and Dravet syndromes, the plant-derived CBD medicine can also manage seizures related to tuberous sclerosis complex.
"Epidiolex meets a serious unmet need within the field of epilepsy, and we expect the product to demonstrate continued strong growth in the months and years ahead," Gover continued. The expanded indication for the drug "has been very well received by patients, clinicians, and payers," he added.
GW Seizes Second Product Opportunity In The US
Simultaneously, the Carlsbad, California-based company, and its US subsidiary Greenwich Biosciences confirmed the launch of GW's first US Phase 3 clinical trial evaluating nabiximols for multiple sclerosis-associated spasticity. It's one of five studies for nabiximols in MS spasticity.
The company anticipates a positive result would enable an NDA submission by mid- next year.
Nabiximols — also known as Sativex — is extracted from the cannabis plant, and it comes in the form of an oral spray.
Gover disclosed that US Phase 3 clinical program is recruiting patients. He believes they have a "clear path to an NDA submission, potentially as soon as next year."
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