GW Pharmaceuticals, a United Kingdom-based company that develops CBD-rich treatments, has been added to the Nasdaq Biotechnology Index (NBI).
The NBI tracks the performance of a set of securities traded on the exchange that are classified as biotech or pharmaceutical companies.
GW Pharmaceuticals is the developer of Sativex, a cannabis-based drug that is approved in 27 countries – but not the United States – to treat symptoms of multiple sclerosis.
The company also is developing a treatment for cancer symptoms. The phase 3 trial will support an application with the U.S. Food and Drug Administration for legalization of Sativex for patients suffering from pain associated with cancer.
GW Pharmaceuticals said earlier this year that it planned to raise nearly $150 million from U.S. investors to advance an epilepsy drug that uses CBD called Epidiolex. The drug received fast-track status from the FDA to speed up testing and potential approval.