GW Pharmaceuticals plc (NASDAQ: GWPH) announced this morning that the company’s wholly owned subsidiary, Greenwich Biosciences, plans to raise $300 million dollars via the selling GW Pharma’s common shares on the NASDAQ Global Market.
The company is planning to offer the underwriters an additional 30-day option to purchase an additional $45 million of the company’s shares. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan and Cowen and Company, LLC are acting as joint book-running managers for the offering.
GW Pharma recently had their cannabis derived CBD pharmaceutical drug, Epidiolex, approved by both the FDA and DEA to be sold and prescribed by licensed physicians. Epidiolex is an oral solution that is used for the reduction of seizures associated with Lennox-Gastaut syndrome and Dravet syndrome. The product is the first CBD based medicine approved by the United States government.
GW also commercialized the cannabinoid prescription drug, Sativex®, which is now approved for the treatment of multiple sclerosis in multiple countries outside the United States. GW Pharma is currently conducted Phase 3 trails within the U.S. to get it approved as well. The company’s stock is currently trading at $13.04 per share.