Narrowed losses at GW Pharmaceuticals

GW Pharmaceuticals, the UK drug maker that is licensed to use cannabis in its treatments, posted first half numbers yesterday showing narrowed losses.

The group said that half-year losses were £4.2m, down from £7.6m last year. GW's cash position stands at £18.5m, which will cover research for its Sativex treatment, used to treat a range of conditions from multiple sclerosis, diabetes and pain among cancer sufferers, says chief executive Justin Gover.

A third phase trial for multiple sclerosis usage will be completed in the fourth quarter and is, "as close to a certainty as you can get," says Ibraheem Mahmood, an analyst at Investec.