News summary

£25m raised for cannabis research

GW Pharmaceuticals, the company created to develop new medicines from cannabis, has raised £25m by selling shares and gaining a listing on the alternative investment market.

The company was seeking £16m, but the share offer was six-times oversubscribed and the shares were sold at the top of the expected price range. The placing gives the company a market capitalisation of £175m, making its founder, Dr Geoffrey Guy, worth £40m.

The money raised is to be used to pay for late-stage clinical trials of cannabis-based products to treat multiple sclerosis and cancer pain. It will also fund expansion of the company’s cultivation and production facilities in anticipation of the commercial launch of its products.

Information on GW Pharmaceuticals can be found on the internet at www.gwpharm.com.

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