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| Cannabis-Grower GW to Float with £175m Tag |
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Posted by FoM on June 21, 2001 at 17:13:39 PT By Anthea Lawson Source: The Times (UK) 
GW Pharmaceuticals, the only company permitted by the Home Office to grow cannabis for medicinal purposes, will be valued at £175million when it makes its stock market debut next week. GW’s advisers yesterday said its share placing had been six times oversubscribed. The AIM placing, at 182p a share. has raised £25 million, about £9 million above expectations. GW’s founder and executive chairman is Geoffrey Guy, who failed to raise enough interest among investors to float Ethical Holdings, a drug delivery company, in June 1997. Since then, Dr Guy has obtained a Home Office licence to cultivate cannabis, has formulated drugs from it, and has reached Phase III trials of GW’s first product — pain relief for multiple sclerosis and cancer patients, which it hopes to bring to market by 2004. GW grows 50,000 cannabis plants a year, at unspecified sites in southern England under glass structures described by Dr Guy as a “cross between a spaceship and an operating theatre”. Dr Guy said 3,000 patients had written to GW asking to be in the pain relief trial, and a third of them admitted using cannabis already. GW’s products avoid the smoking issue by being delivered by mouth spray or inhaler. Other products are in development targeting rheumatoid arthritis. GW directors, including Dr Guy, will own 46 per cent of its enlarged share capital after flotation. Related Articles & Web Site: UK Medicinal Cannabis Project Prescription Pot: More Than a Pipe Dream? UK Cannabis Test Offer Hope An Illustration of The Cannabis Inhaler Home Comment Email Register Recent Comments Help |
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| Comment #2 posted by meagain on June 22, 2001 at 05:29:09 PT |
| how can i buy stock in this company ??? [ Post Comment ] |
| Comment #1 posted by sony on June 22, 2001 at 01:13:43 PT |
| No comment 175m. [ Post Comment ] |
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