Receipt of Milestone Payment (5444Z)
January 17 2011 - 1:00AM
UK Regulatory
TIDMGWP
RNS Number : 5444Z
GW Pharmaceuticals PLC
17 January 2011
RECEIPT OF MILESTONE PAYMENT
Porton Down, UK; 17 January 2011: GW Pharmaceuticals plc (AIM:
GWP) confirms that following its announcement on 23 November 2010
that the Phase III clinical trials programme of Sativex(R) in
cancer pain had been initiated, the first patient was randomized in
Europe as anticipated in December 2010. As a result, and in
accordance with the terms of GW's licence agreement with Otsuka
Pharmaceutical Co. Ltd, GW has received a milestone payment from
Otsuka of $4 million.
Enquiries:
GW Pharmaceuticals plc (Today) + 44 20 7831 3113
Dr Geoffrey Guy, Chairman (Thereafter) + 44 1980 557000
Justin Gover, Managing Director
Financial Dynamics + 44 20 7831 3113
Ben Atwell / John Dineen
Peel Hunt LLP +44 207 418 8900
James Steel / Vijay Barathan
Notes to Editors
Sativex in Cancer Pain
Cancer pain represents the initial target indication for
Sativex(R) in the United States. Sativex(R) is approved in the UK,
Spain, Canada and New Zealand as a treatment for Multiple Sclerosis
spasticity.
The Phase III cancer pain programme is being performed in
conjunction with GW's licensing partner for Sativex(R) in the US,
Otsuka Pharmaceutical Co. Ltd. The programme, which is fully funded
by Otsuka, includes two Phase III randomised placebo-controlled
multi-centre multinational trials as well as a long term extension
study. Each Phase III trial will include approximately 370 patients
and will evaluate the efficacy and safety of Sativex versus placebo
over a 5 week treatment period.
Cancer Pain
Studies suggest that more than one-third of patients with
cancer, and more than three-quarters of those with advanced
disease, have chronic pain. Large surveys indicate that optimal
opioid therapy does not yield sufficient relief in a substantial
proportion of these patients.
About GW-Otsuka
In February 2007, GW and Otsuka entered into a major long term
strategic alliance. The relationship commenced with the signing of
an exclusive license agreement to develop and market Sativex(R),
GW's lead product, in the US. In July 2007, GW and Otsuka signed a
global research collaboration for the study of cannabinoids in the
field of Central Nervous System (CNS) and oncology to research,
develop and commercialize a range of candidate cannabinoid
products.
About Otsuka Pharmaceutical Co., Ltd
Founded in 1964, Otsuka Pharmaceutical Co.,Ltd. is a global
healthcare company with the corporate philosophy 'Otsuka-people
creating new products for better health worldwide.' Otsuka
researches, develops, manufactures and markets innovative and
original products, with a focus on pharmaceutical products for the
treatment of diseases, and consumer products for the maintenance of
everyday health. Otsuka is committed to being a corporation that
creates global value, adhering to high ethical standards required
of a company involved in human health and life, maintaining a
dynamic corporate culture, and working in harmony with local
communities and the natural environment. Otsuka Pharmaceutical Co.,
Ltd. is a wholly owned subsidiary of Otsuka Holdings Co., Ltd., the
holding company for the Otsuka Group. The Otsuka Group comprises
145 companies and employs approximately 39,000 people in 23
countries and regions worldwide. Otsuka and its consolidated
subsidiaries earned Yen1,084.2 billion (approx. US $11.7 billion)
in annual revenues in fiscal 2009. For more information, visit
www.otsuka.co.jp/en
About GW
GW was founded in 1998 and listed on the AIM, a market of the
London Stock Exchange, in June 2001. Operating under license from
the UK Home Office, the company researches and develops cannabinoid
pharmaceutical products for patients who suffer from a range of
serious ailments, in particular multiple sclerosis and cancer pain.
GW has assembled a large in-house scientific team with expertise in
cannabinoid science as well as experience in the development of
both plant-based prescription pharmaceutical products and medicines
containing controlled substances. GW occupies a world leading
position in cannabinoids and has developed an extensive
international network of the most prominent scientists in the
field. For further information, please visit www.gwpharm.com
This news release may contain forward-looking statements that
reflect GWs current expectations regarding future events, including
development and regulatory clearance of the GW's products.
Forward-looking statements involve risks and uncertainties. Actual
events could differ materially from those projected herein and
depend on a number of factors including (inter alia), the success
of the GW's research strategies, the applicability of the
discoveries made therein, the successful and timely completion of
uncertainties related to the regulatory process, and the acceptance
of Sativex(R) and other products by consumer and medical
professionals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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