GW Pharmaceuticals Announces Full Exercise of Underwriters' Option to Purchase Additional American Depositary Shares
May 15 2015 - 1:17PM
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, announces that the
underwriters of its recently closed public offering on the NASDAQ
Global Market have exercised in full their option to purchase an
additional 240,000 American Depositary Shares ("ADSs") at a price
to the public of $112.00 per ADS, raising additional net proceeds
of approximately $25.3 million, after deducting underwriting
discounts and commissions and estimated offering expenses. GW
expects to deliver the additional 240,000 ADSs on or about May 20,
2015, subject to customary closing conditions.
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 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 & Co. LLC, 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, LLC, c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department; or from Piper Jaffray & Co., 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 jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 Act2000 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.
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®, which is approved for the
treatment of spasticity due to multiple sclerosis in 27 countries
outside the United States. GW is advancing an orphan drug program
in the field of childhood epilepsy with a focus on Epidiolex®,
which is in Phase 3 clinical development for the treatment of
Dravet syndrome and Lennox-Gastaut syndrome and which is also
expected to enter Phase 3 clinical trials in the treatment of
Tuberous Sclerosis Complex. GW has a deep pipeline of additional
cannabinoid product candidates which includes Sativex in Phase 3
clinical development as a potential treatment of pain associated
with advanced cancer, as well as compounds in Phase 1 and 2 trials
for glioma, type 2 diabetes, and schizophrenia. For further
information, please visit www.gwpharm.com.
Forward-looking statements
This news release may contain forward-looking statements that
reflect GW's current expectations regarding future events,
including statements regarding the expected timing of the delivery
of the option ADSs, the therapeutic benefit, safety profile and
commercial value of the company's investigational drug Epidiolex®,
the development and commercialization of Epidiolex, plans and
objectives for product development, plans and objectives for
present and future clinical trials and results of such trials,
plans and objectives for regulatory approval. 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®,
Epidiolex®, and other products, if approved, by consumer and
medical professionals. A further list and description of risks,
uncertainties and other risks 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.
Enquiries: |
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GW Pharmaceuticals plc |
+44 20 3727 1000 |
Stephen Schultz, VP Investor Relations |
917 280 2424 / 401 500 6570 |
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FTI Consulting (Media
Enquiries) |
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Ben Atwell / Simon Conway / John Dineen
(UK) |
+ 44 20 3727 1000 |
Robert Stanislaro (U.S.) |
212 850 5657 |
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Trout Group, LLC (U.S. investor
relations) |
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Todd James / Chad Rubin |
646 378 2900 |
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