GW cannabis drug is hit by delay

HOPES of having cannabis-based painkillers on prescription this summer have been dashed after the company developing the new drug admitted that problems with the UK's chief medicine regulator have yet to be resolved.

Wiltshire-based GW Pharmaceuticals, the developer of a potentially ground-breaking treatment for multiple sclerosis sufferers, said in January that final regulatory assessment for its Sativex mouth spray should be completed by June at the latest. GW founder and chairman Geoffrey Guy said today: 'We are now hesitant to give a specific date.'

He added, however, that a 'good working dialogue' continued with the regulators over a number of outstanding issues.

Some £51m was wiped from the company's market value today as the shares dived 46p to 132 1/2p, their lowest for 12 months.

'This is the last hurdle and at some point the questions will be resolved. We are clearly confident of approval but this is a large undertaking,' he added.

Extra time was needed because the firm was trying to get approval for a complex plant-based product within a regulatory system geared up for assessing modern synthesised 'single chemicals'.

GW has been working on Sativex for five years and completed trials on humans but needs approval from the Medicines and Healthcare Products Regulatory Agency before doctors can prescribe it. Guy said the firm will give a further update when interim figures are reported in June.