Cannabis drug approval buoys firm
Source: BBC News (UK Web), 04-19-05


Shares in GW Pharmaceuticals rose nearly 10% after the UK biotech firm's prescription cannabis drug was approved for use in Canada.

Sativex is used to treat the central nervous system and alleviate the symptoms of multiple sclerosis (MS).

The Salisbury-based company said this was the world's first approval of a medicine derived from cannabis.

Delays in development of the product - its first to come to the market - has hit GW's stock price in the past.

Shares in GW shares were up 12 pence at 133p in early afternoon trade on the London Stock Exchange.

Sativex, administered by a mouth spray, will be marketed in Canada by German company Bayer.

GW said it hoped to launch Sativex in Canada in late spring.

"The approval of Sativex reflects the urgent need for additional treatment options in the field of neuropathic pain in MS," said Dr Allan Gordon of Mount Sinai Hospital, Toronto, in a statement issued by regulators Health Canada.

Secret field

Some MS patients already smoke cannabis to relieve their symptoms.

Satifex consists of a cannabis extract containing tetrahydrocannabinol and cannabidiol.

GW had originally hoped to win UK approval for Sativex in 2003.

The UK government granted GW Pharma a licence to cultivate cannabis for medical research purposes and plants are grown at a secret location in the English countryside.

Last December, however, the UK authorities said they wanted more evidence about its benefits before they approved it.

GW spokesman Mark Rogerson said the company would look to market Sativex in the EU after UK approval is granted.

This year, it said it would take the "first steps" to seek approval for a cannabis-derived drug in the US.

© 2005 H.U.M.A.N.: Hemp Users Medical Access Network - Toronto Medical Marijuana