A British maker of cannabis-based drugs revealed some sorely needed good news on Monday, announcing that an epilepsy medicine it created has successfully treated a severe form of epilepsy in children, according to Reuters.
In a clinical study, GW Pharmaceuticals said its Epidiolex syrup reduced the monthly number of seizures in children with Dravet’s Syndrome by 39%, compared to a placebo that reduced the seizures by 13%.
The results of the clinical study propelled the Cambridge-based firm’s stock price to $81.67 in morning trading on the Nasdaq, a gain of more than 112% over Friday’s closing price of $38.46.
Thomson Reuters Cortellis estimates that Epidiolex could generate $1.1 billion in annual sales by 2021.
GW Pharmaceuticals’ stock had been suffering following sales of only $5 million in 2015 and a lackluster result in three studies that found its cannabis-based cancer drugs had little effect on patients.
Much work remains, however, for the 18-year-old company. The study of 120 kids was only the first of four Phase III studies – the final phase before a drug enters the market. The company will now seek regulatory approval from the U.S. Food and Drug Administration, Reuters reported.