Medicinal cannabis group seeks $180m
A British company that makes medicines from cannabis is aiming to raise almost $180m on Nasdaq to push forward a new treatment for childhood epilepsy.
The share issue would bring the total raised by GW Pharmaceuticals in New York over the past two years to nearly $450m. During that time, its market capitalisation in London, where it has a dual listing, has grown from less than £100m to almost £1.5bn.
GW has special permission from the UK Home Office to grow cannabis at an undisclosed location in England for use in drugs that harness the therapeutic benefits of marijuana without producing the “high” associated with smoking the plant.
The company’s Sativex treatment for multiple sclerosis has already been approved in 24 countries but investor enthusiasm is focused on the potential of its Epidiolex medicine to tackle hard-to-treat forms of childhood epilepsy.
Of the 500,000 children with epilepsy in the US...
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