Following the successful trials of its new cannabis-based medication, British drug manufacturer GW Pharmaceuticals announced it will raise $252 million through the issuing of 2.8 million shares on the Nasdaq in preparation for bringing its drug to market.
According to a Reuters report, shares in GW Pharmaceuticals have been on the rise since the experimental drug Epidiolex sported its first positive test results. This year, the company has notched up gains of more than 50 percent, despite some early declines. Epidiolex is a drug made to reduce seizures in patients suffering from rare forms of epilepsy, Lennox-Gastaut syndrome, and Dravet syndrome.
GW Pharmaceuticals was founded in 1998 to be a pharmaceutical researcher and manufacturer dedicated to bringing the benefits of cannabis therapy into the modern medical system. Currently, the company is listed on both the Nasdaq and AIM, a market on the London Stock Exchange. In 2010, GW released its first and most successful cannabis-derived medication, Sativex, which is now approved for use in 27 countries.
GW’s public offering is expected to close sometime around July 18, 2016, Reuters reports.