Cannabis-based drug firm seeks Nasdaq listing

GW Pharmaceuticals, the Cambridge UK biopharma business whose products are derived from cannabis, is seeking admission to the US technology market, Nasdaq.

The application went in today for an IPO of American Depositary Shares under the ticker symbol, GWPH.

Lazard Capital Markets LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Canaccord Genuity is acting as co-lead manager and Roth Capital Partners co-manager.

Subject to successful completion of the IPO, GW's common stock will continue to be listed on the London AIM market and its ADSs on NASDAQ.

The proposed offering is subject to GW shareholder approval at a general meeting which is expected to take place in mid-April. GW is aiming to complete the ADS offering and the listing on the NASDAQ Global Market around the end of April.

The company is selling product globally and has made incredible strides under serial pharma entrepreneur and chairman Geoffrey Guy. Its lead product Sativex® is a cannabinoid medicine for the treatment of spasticity due to multiple sclerosis which is also in development in cancer pain and neuropathic pain of various origins.

Justin Gover, GW's CEO, said: "We believe the United States not only represents the world's most important pharmaceutical market but also the largest healthcare investment community.

"With Sativex advancing through Phase 3 clinical trials for advanced cancer pain in the US and the development of our product pipeline now increasingly focused towards the US market, we consider that GW should take this important step to increase its profile amongst American investors and seek to benefit from the additional liquidity that we believe a listing on NASDAQ should provide.

"The proposed US listing and financing, upon which we have consulted with our major existing institutional shareholders, will - if successful - enable GW to accelerate investment in its product pipeline and expand our manufacturing facilities to support the potential future commercialisation of Sativex in the US."

http://www.businessweekly.co.uk 19/03/2013