UPDATE:GW Pharmaceutical Raises $11.2 Million,Great Point Partners Gets Stake
August 06 2009 - 2:12AM
Dow Jones News
U.K. drug maker GW Pharmaceuticals PLC (GWP.LN) Thursday said it
raised $11.2 million from investors including U.S. healthcare fund
group Great Point Partners, which requested a significant equity
stake.
GW Pharma, which is developing drugs derived from cannabis, said
Great Point Partners bought 7.6 million shares in the company at 78
pence a share, a 2% premium to the closing price Wednesday.
The purchase gives Great Point a 5.8% stake in GW.
David Kroin, a founder and co-portfolio manager at Great Point,
said the U.S. investor has been following GW "for some time."
GW filed for marketing approval for its lead drug Sativex in
May, following success in a phase three trial of the drug treating
spasticity in multiple sclerosis patients.
GW said Thursday its biggest shareholder, M&G Investments, a
unit of Prudential PLC (PRU.LN), bought another 917,000 shares,
also at 78 pence a share.
The company said it will use the money raised for working
capital and research spending.
Company Web site: www.gwpharm.com
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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