$GWPH GW Pharmaceuticals plc Announces the Closing of U.S. Public Offering of American Depositary Shares

Jun 25 at 11:15


      LONDON, June 25, 2014 (GLOBE NEWSWIRE) -- GW Pharmaceuticals plc
(Nasdaq:GWPH) (AIM:GWP) ("GW" or the "Company"), a biopharmaceutical company
focused on discovering, developing and commercializing novel therapeutics from
its proprietary cannabinoid product platform, announced today the closing of the
previously announced offering on the NASDAQ Global Market by GW and certain of
its selling shareholders of 1,700,000 American Depositary Shares (ADSs) and the
full exercise by the underwriters of their option to purchase 255,000 additional
ADSs from GW at a price of $86.83 per ADS. The ADSs sold in the offering
consisted of 1,455,000 ADSs sold by the Company, and 500,000 ADSs sold by the
selling shareholders, and raised gross proceeds to GW of $126.3 million
(before deducting underwriting discount, commissions and offering expenses). GW
did not receive any proceeds from the sale of ADSs by the selling shareholders
in this offering.

      Morgan Stanley, BofA Merrill Lynch and Cowen and Company acted as joint
book-running managers for the offering. Piper Jaffray & Co. acted as lead
manager.
      The ADSs described above were offered by GW and the selling shareholders
pursuant to a shelf registration statement filed by GW with the Securities and
Exchange Commission ("SEC") that became automatically effective on May 7, 2014.
The offering of the ADSs was made only by means of a prospectus and prospectus
supplement. You may obtain these documents on the SEC's website at
http://www.sec.gov. Alternatively, the prospectus and prospectus supplement may
be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, New York 10014; BofA Merrill Lynch, 222 Broadway,
New York, NY 10038, attention: Prospectus Department, email:
dg.prospectus_requests@baml.com; Cowen and Company, c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department; or from Piper Jaffray, Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402.
      This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these securities
in any state or other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or other jurisdiction.
      About GW Pharmaceuticals plc
      Founded in 1998, GW is a biopharmaceutical company focused on discovering,
developing and commercializing novel therapeutics from its proprietary
cannabinoid product platform in a broad range of disease areas. GW
commercialized the world's first plant-derived cannabinoid prescription drug,
Sativex(R), which is approved for the treatment of spasticity due to multiple
sclerosis in 25 countries outside the United States. Sativex is also in Phase 3
clinical development as a potential treatment of pain in people with advanced
cancer. This Phase 3 program is intended to support the submission of a New Drug
Application for Sativex in cancer pain with the U.S. Food and Drug
Administration and in other markets around the world. GW has a deep pipeline of
additional cannabinoid product candidates, including Epidiolex which has
received Orphan Drug Designation from the FDA for the treatment of Dravet and
Lennox-Gastaut syndromes, severe, drug-resistant epilepsy syndromes. GW's
product pipeline also includes compounds in Phase 1 and 2 clinical development
for glioma, ulcerative colitis, type-2 diabetes, and schizophrenia. For further
information, please visit www.gwpharm.com.
      For readers in the European Economic Area:
      In any EEA Member State that has implemented the Prospectus Directive,
this communication is only addressed to and directed at qualified investors in
that Member State within the meaning of the Prospectus Directive. The term
"Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including Directive 2010/73/EU, to the extent implemented in each relevant
Member State), together with any relevant implementing measure in the relevant
Member State.
      For readers in the United Kingdom:
      This communication, in so far as it constitutes an invitation or
inducement to enter into investment activity (within the meaning of s21
Financial Services and Markets Act 2000 as amended) in connection with the
securities which are the subject of the offering described in this press release
or otherwise, is being directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments who fall within Article 19(5) ("Investment professionals") of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order") or (iii) certain high value persons and entities who fall within
Article 49(2)(a) to (d) ("High net worth companies, unincorporated associations
etc") of the Order; or (iv) any other person to whom it may lawfully be
communicated (all such persons in (i) to (iv) together being referred to as
"relevant persons"). The ADSs are only available to, and any invitation, offer
or agreement to subscribe, purchase or otherwise acquire such ADSs will be
engaged in only with, relevant persons. Any person who is not a relevant person
should not act or rely on this document or any of its contents.
      Forward-looking statements
      This news release may contain forward-looking statements that reflect GW's
current expectations regarding future events, including statements regarding the
development and regulatory clearance of the GW's products. Forward-looking
statements involve risks and uncertainties. Actual events could differ
materially from those projected herein and depend on a number of factors,
including (inter alia), the success of the GW's research strategies, the
applicability of the discoveries made therein, the successful and timely
completion of uncertainties related to the regulatory process, and the
acceptance of Sativex(R), Epidiolex(R) and other products and product candidates
by consumer and medical professionals. A further list and description of other
risks and uncertainties associated with an investment in GW can be found in GW's
filings with the U.S. Securities and Exchange Commission, including its shelf
registration statement and the documents incorporated by reference therein.
Existing and prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof. GW
undertakes no obligation to update or revise the information contained in this
press release, whether as a result of new information, future events or
circumstances or otherwise.