GW Pharmaceuticals Raising Cash As Pipeline Of Cannabis-Based Drugs Grows

GW Pharmaceuticals (NASDAQ: GWPH) is planning to issue 1.25 million American Depositary shares in a public offering in an effort to raise some fresh cash.

The company hasn’t provided many details about the offering, but investors are speculating that the firm is looking to continue expanding its research and development regarding new cannabis-based drugs.

Closer To Creating A New Drug

The company is already beginning its second Phase 3 clinical trials for its childhood epilepsy treatment, Epidiolex.

Cannabis-based medicine has been shown to be effective for certain forms of epilepsy which are resistant to traditional treatment methods.

GW Pharma has said the start of Phase 3 trials could pave the way for the company to submit a New Drug Application by mid-2016.

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Patent Awarded

However, many believe that the fundraising efforts could have something to do with a new patent that GW Pharma received on Monday. The US Patent and Trademark Office issued a patent for the company’s use of cannabidivarin (CBDV) to treat epilepsy.

GW CEO Justin Gover has said that CBDV, a non-psychoactive cannabinoid, could be a major breakthrough for the treatment of certain types of epilepsy.

Focus On Epidiolex

According to Gover, Epidiolex remains the company’s first priority when it comes to creating treatments for epilepsy. Still, he is optimistic about the possibilities for CBDV, saying that it could be incorporated into new epilepsy medications in the medium and long term.

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