The potentially first botanically-derived FDA-approved cannabis-based product moved closer to approval today, as an Advisory Committee discussed the safety and efficacy of Epidolex, intended to treat seizures in children suffering from rare forms of epilepsy. GW Pharma (NASDAQ: GWPH), the drug’s sponsor, and the FDA provided testimony to the committee met, which met for several hours and heard testimony from the public, many of which were personal stories told by children and their parents about how life-changing the oral CBD product had been during clinical trials and expanded access programs. The thirteen committee members voted unanimously to recommend approval to the FDA, which is expected to conclude its review by June 27th:
Trading has been halted in GWPH thus far today. The stock had rebounded earlier this week when materials for the committee were shared publicly, leading investors to conclude that the panel would vote favorably. GWPH posted an all-time closing high just under $140 in late January and closed yesterday at 133.39, giving it a market capitalization of approximately $3.9 billion based on 29 million fully-diluted shares.
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