GW pharma partner Almirall hints at Sativex approval timing of Q1 2010

From pipelinereview.com (February 25th 2010):


Following publication of Spanish company Almirall's 2009 results today:


"The regulatory filing of Sativex® for the treatment of spasticity due to multiple sclerosis was submitted in UK and Spain under the European decentralised procedure, following the announcement of positive results in a phase III study where Sativex® showed relevant improvement in spasticity in multiple sclerosis patients. It is expected that the outcome of the regulatory submission will be known during the first quarter of 2010. Following potential approval in the UK and Spain, submissions for approval would be made in other European countries during 2010 under the mutual recognition procedure. Development of Sativex® for oncological pain in ongoing with results from an ongoing phase II/III study expected mid 2010."


"Silodosin (a licensed product from Recordati for use in the treatment of benign prostatic hyperplasia) was recently approved by the European Comission and we expect the regulatory outcome from Sativex® (used in the treatment of spasticity in multiple sclerosis) during this first quarter of 2010. Pending pricing and reimbursement processes, both products could generate sales in 2010, and could contribute to sustain the base business in the years to come."


"Free Cash Flow has reached € 206,4 mill despite the acquisition of linaclotide European rights (US$ 40 Mill downpayment + US$15 Mill of equity following positive phase III CC data) and milestone payments to GW Pharma (GBP 8 Mill) after the positive Phase III and continued regulatory progress of Sativex®"

Pound drops to 9 month low against Dollar

The possibility of an extension to the U.K.'s asset purchase (quantitative easing) programme and fears of a Hung parliament added to a bearish slant on the British pound. Sterling hit 1.52 against the U.S. Dollar, a 9 month low and an 11 month low against the Japanese Yen. Despite rating agency Moody's saying that Greece's credit rating would be downgraded if the fiscal debt reduction measures were not actioned, the Pound even fell against the Euro. Currency traders are looking for a safe haven, but they seem to be few and far between. Investors have a choice of a debt engorged America or Europe, Japan weighed down with all sorts of problems (ageing population, deflation, debt etc.) or emerging markets with all their intrinsic risks. Maybe gold looks the most solid bet given all this uncertainty. A tough trading environment for currency speculators that's for sure!