GW Pharmaceuticals stock set to rally after Phase 3 trial of MS treatment to start, after COVID-19-related delay

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Shares of GW Pharmaceuticals PLC were indicated up more than 6% in premarket trading Tuesday, after the biopharmaceutical company developing therapeutics from its cannabinoid product platform said it initiated a Phase 3 trial of nabiximols, for multiple scelrosis-associated spasticity. The initiation of the trial had been delayed because of the COVID-19 pandemic. “Given the rigorous studies already conducted on the medicine outside of the U.S., and positive discussions with the FDA, we believe that we have a clear path to an NDA submission, potentially as soon as next year, and a significant second product opportunity for GW in the U.S.,” said Chief Executive Justin Gover. GW’s lead product, Epidolex, has been approved for the treatment of seizures asscoidated with Lennox-Gastaut syndrome, Dravet syndrome or tuberous sclerosis complex. The stock has dropped 14.6% year to date through Monday, while the Cannabis ETF has shed 25.7% and the S&P 500 has gained 2.5%.
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