British drugmaker GW Pharmaceuticals yesterday posted a widened full-year, pre-tax loss, as it ramped up development of its cannabis-based epidiolex treatment for childhood epilepsies.
The biopharmaceutical company, dual listed on Aim in London and Nasdaq in New York, said it expected to complete much of the development programme for epidiolex in 2015. It would then start to build a US commercial presence ahead of a future launch.
The company posted a pre-tax loss of $31.7m (£20.3m) for the year to 30 September, widened from a pre-tax loss of $19.6m a year before. A rise in revenue to $48.7m from $30m was offset by a big step-up in research and development expenses, which rose to $70.5m, up from $43.5m a year before.
Chief executive Justin Gover said: Gover said: “GW’s business has transformed over the last year principally as a result of the rapid advance of our epidiolex programme. In 2015, we expect to complete much of the epidiolex development programme as well as start to build a US commercial presence.”