1 00:00:03,160 --> 00:00:06,560 Speaker 1: Global business news twenty four hours a day. If Bloomberg 2 00:00:06,640 --> 00:00:09,680 Speaker 1: dot com the radio plus mobile act and on your radio, 3 00:00:09,960 --> 00:00:14,120 Speaker 1: this is a Broomberg business flag from Bloomberg World Headquarters. 4 00:00:14,120 --> 00:00:17,520 Speaker 1: I'm Charlie Pelad. Oracle is reporting sales that topped analysts 5 00:00:17,600 --> 00:00:21,920 Speaker 1: estimates after cloud based products picked up momentum with corporate customers. 6 00:00:22,400 --> 00:00:26,239 Speaker 1: Stocks rebounded today. The SMP five hundred index halted its 7 00:00:26,280 --> 00:00:30,639 Speaker 1: longest losing streaks since February amid shifting speculation on whether 8 00:00:30,680 --> 00:00:34,800 Speaker 1: Britain will remain in the European Union. Equities recovered from 9 00:00:34,840 --> 00:00:37,800 Speaker 1: a one percent sell off, the SMP five hundred index 10 00:00:37,800 --> 00:00:40,839 Speaker 1: advancing three tenths of one percent, up six points to 11 00:00:40,880 --> 00:00:44,120 Speaker 1: two thousand seventy seven. Nan stack up nine, a gain 12 00:00:44,159 --> 00:00:47,319 Speaker 1: of two tents of one percent down, industrials up ninety two, 13 00:00:47,320 --> 00:00:49,800 Speaker 1: a gain of five tenths of one percent, The ten 14 00:00:49,880 --> 00:00:52,680 Speaker 1: year down one thirty second, the yield there one point 15 00:00:52,720 --> 00:00:56,000 Speaker 1: five seven percent, Gold down four sixty ounce to twelve 16 00:00:56,040 --> 00:00:58,960 Speaker 1: eighty three, a drop of four tenths of one percent, 17 00:00:59,280 --> 00:01:01,560 Speaker 1: and crude oil down at dollar eighty three of barrel 18 00:01:02,320 --> 00:01:05,559 Speaker 1: eighteen on West Texas Intermediate. That was a drop today 19 00:01:05,800 --> 00:01:09,520 Speaker 1: of three point eight percent. I'm Charlie Pellett, and that's 20 00:01:09,600 --> 00:01:14,000 Speaker 1: a Bloomberg Business flash. You're listening to Taking the Stock 21 00:01:14,080 --> 00:01:18,760 Speaker 1: with Kathleen Hayes and Pim Fox on Bloomberg Radio. The 22 00:01:18,800 --> 00:01:24,560 Speaker 1: marijuana industry is on a hyperbolic upswing in the United States, 23 00:01:24,600 --> 00:01:27,480 Speaker 1: starting with medical marijuana legalized a few years ago, and 24 00:01:27,480 --> 00:01:31,800 Speaker 1: now more states even legalizing recreational marijuana. But do you 25 00:01:31,880 --> 00:01:35,080 Speaker 1: know that one of the leaders of the cannabis industry 26 00:01:35,560 --> 00:01:39,839 Speaker 1: is a British pharmaceutical company that was founded in which 27 00:01:39,880 --> 00:01:43,600 Speaker 1: trades on the nasdack and has a very successful drug 28 00:01:43,640 --> 00:01:47,520 Speaker 1: that is used to treat multiple sclerosis in twenty seven 29 00:01:47,560 --> 00:01:51,640 Speaker 1: countries outside of the United States. We're joined now by 30 00:01:51,800 --> 00:01:59,080 Speaker 1: Justin Gober, he's CEO of GW Pharmaceuticals, joining us from Carlsbad, California, 31 00:01:59,160 --> 00:02:02,360 Speaker 1: the US opera ration of this company, which is headquartered 32 00:02:02,400 --> 00:02:05,360 Speaker 1: in the u k. Justin welcome. Thank you very much 33 00:02:05,400 --> 00:02:07,600 Speaker 1: for having me on your show today. So, I think 34 00:02:07,640 --> 00:02:10,240 Speaker 1: alat of people don't realize that cannabis has been used 35 00:02:10,280 --> 00:02:12,919 Speaker 1: in research and developing drugs for a long time. How 36 00:02:12,960 --> 00:02:16,320 Speaker 1: did GW Pharmaceuticals get into this? So, as you mentioned 37 00:02:16,360 --> 00:02:19,200 Speaker 1: in your introduction, we we set up g W Pharmaceuticals 38 00:02:19,200 --> 00:02:24,760 Speaker 1: back in the UK in order to separate out, if 39 00:02:24,800 --> 00:02:31,680 Speaker 1: you will, the the controversies around cannabis marijuana and their 40 00:02:32,440 --> 00:02:37,520 Speaker 1: potential medicinal properties or recreational properties, and look to research 41 00:02:37,600 --> 00:02:41,680 Speaker 1: specifically into the science underlining molecules in the cannabis plant 42 00:02:42,240 --> 00:02:46,680 Speaker 1: and to identify potential new therapeutic options and development as 43 00:02:46,760 --> 00:02:50,760 Speaker 1: bona fide prescription medicines according to the FDA process. So 44 00:02:51,120 --> 00:02:53,240 Speaker 1: this was a thesis that we developed back in the 45 00:02:53,320 --> 00:02:56,440 Speaker 1: UK in the late nineties. It's something that we're proud 46 00:02:56,480 --> 00:03:00,120 Speaker 1: to have conducted exclusively for the last eighteen years. As 47 00:03:00,160 --> 00:03:01,960 Speaker 1: you mentioned, we have a drug approved in Europe to 48 00:03:01,960 --> 00:03:06,079 Speaker 1: treat multiple sclerosis and now are moving our operations gradually 49 00:03:06,080 --> 00:03:09,799 Speaker 1: towards the United States as we focus our research increasingly 50 00:03:09,880 --> 00:03:14,840 Speaker 1: on the epilepsy um disease area. Justin would it be 51 00:03:14,960 --> 00:03:19,800 Speaker 1: accurate to use an analogy that aspirin was first derived 52 00:03:19,880 --> 00:03:22,600 Speaker 1: from the bark of the willow tree, So there's something 53 00:03:22,800 --> 00:03:26,720 Speaker 1: in nature that can be harnessed in order to produce 54 00:03:27,240 --> 00:03:31,799 Speaker 1: a medical outcome. Well, indeed, for for thousands of years, indeed, 55 00:03:32,400 --> 00:03:36,480 Speaker 1: most most medicines were plant plant derived and indeed, even 56 00:03:36,520 --> 00:03:40,160 Speaker 1: in the last fifty years, medicines such as aspirin, indeed, 57 00:03:40,480 --> 00:03:44,720 Speaker 1: opiates are another example. Are are examples of areas where 58 00:03:45,320 --> 00:03:50,520 Speaker 1: plants have formed the source material for molecules which are 59 00:03:50,560 --> 00:03:56,080 Speaker 1: then subsequently developed as prescription medications. And in a way, 60 00:03:56,280 --> 00:03:59,960 Speaker 1: it's surprising that the cannabis has not been subjected to 61 00:04:00,240 --> 00:04:04,200 Speaker 1: this kind of research over the last fifty one years. 62 00:04:04,240 --> 00:04:07,120 Speaker 1: So we are gw feel that that we've taken on 63 00:04:07,200 --> 00:04:12,200 Speaker 1: a logical and what should be relatively uncontroversial role in 64 00:04:12,440 --> 00:04:18,520 Speaker 1: identifying real science here and providing data on safety and 65 00:04:18,520 --> 00:04:22,320 Speaker 1: efficacy around specific molecules in the cannabis plant which may 66 00:04:22,400 --> 00:04:26,240 Speaker 1: ultimately have important therapeutic therapeutic uses. We'll tell us more 67 00:04:26,360 --> 00:04:31,960 Speaker 1: about your specific drugs and what they do, because again 68 00:04:32,000 --> 00:04:34,680 Speaker 1: you're already having lots of success in your work for 69 00:04:34,760 --> 00:04:39,640 Speaker 1: multiple sclerosis. And then of course there's epilepsy. Yes, So 70 00:04:39,760 --> 00:04:44,600 Speaker 1: so the research we've been carrying out over the last 71 00:04:44,680 --> 00:04:47,840 Speaker 1: eighteen years has generally focused on diseases of the central 72 00:04:47,920 --> 00:04:51,960 Speaker 1: nervous system, and there's no doubt that our most important 73 00:04:52,040 --> 00:04:54,920 Speaker 1: research at the present time, particularly in the United States, 74 00:04:55,520 --> 00:04:59,000 Speaker 1: relates to the field of childhood epilepsy. There are a 75 00:04:59,080 --> 00:05:04,720 Speaker 1: number of very challenging, difficult to treat, sometimes rare conditions 76 00:05:05,800 --> 00:05:09,880 Speaker 1: suffered by children with epilepsy for which there's little or 77 00:05:09,880 --> 00:05:14,719 Speaker 1: no approved medication. So so we've developed a formulation of 78 00:05:14,080 --> 00:05:19,400 Speaker 1: a molecule called cannabi dial or CBD. And what's interesting 79 00:05:19,400 --> 00:05:23,039 Speaker 1: about CBD is it's it's a non psychoactive component of 80 00:05:23,080 --> 00:05:25,800 Speaker 1: the cannabis plant, so it doesn't make you high. It's 81 00:05:25,880 --> 00:05:30,680 Speaker 1: not sought after by recreational users of cannabis. But we're 82 00:05:30,760 --> 00:05:33,640 Speaker 1: we've been able to develop and manufacturer of formulation of 83 00:05:33,680 --> 00:05:40,000 Speaker 1: this pure compound, manufactured it to pharmaceutical standards, and have 84 00:05:40,160 --> 00:05:42,360 Speaker 1: been researching it in the United States now for the 85 00:05:42,480 --> 00:05:45,920 Speaker 1: last few years. And indeed, in March, we announced positive 86 00:05:45,960 --> 00:05:51,440 Speaker 1: results from a a late stage phase three trial in 87 00:05:51,480 --> 00:05:54,840 Speaker 1: a condition called Drava syndrome, which is a rare and 88 00:05:55,200 --> 00:05:59,560 Speaker 1: sadly catastrophic form of childhood epilepsy. And just to reiterate 89 00:05:59,680 --> 00:06:01,880 Speaker 1: using a one, if you could tell us what happened 90 00:06:01,960 --> 00:06:04,560 Speaker 1: in March of this year, because it's certainly sent your 91 00:06:04,680 --> 00:06:09,320 Speaker 1: stark flying. It certainly did, and and and I think 92 00:06:09,360 --> 00:06:13,119 Speaker 1: that the stock price reflects what what a momentous event 93 00:06:13,200 --> 00:06:16,120 Speaker 1: it really was. Both for our company, I think, for 94 00:06:16,120 --> 00:06:18,839 Speaker 1: the field of cannabinoid science and hopefully of course for 95 00:06:18,600 --> 00:06:22,480 Speaker 1: the for the arena of childhood epilepsy as well. And 96 00:06:23,520 --> 00:06:27,279 Speaker 1: the trial result that was reported in March was the 97 00:06:27,360 --> 00:06:31,640 Speaker 1: first of a small number of late stage phase three 98 00:06:31,680 --> 00:06:36,400 Speaker 1: trials which have which are being conducted in order to 99 00:06:36,480 --> 00:06:40,040 Speaker 1: allow us to provide a regulatory submission to the FDA 100 00:06:40,600 --> 00:06:43,799 Speaker 1: to seek approval for this medication we call it EPIDIALECTS, 101 00:06:44,600 --> 00:06:50,160 Speaker 1: and this trial was the first ever large scale placebo 102 00:06:50,240 --> 00:06:56,560 Speaker 1: controlled evidence of our drug having efficacy in this patient population. 103 00:06:56,680 --> 00:06:59,880 Speaker 1: We we in fact have been evaluating this this men 104 00:07:00,080 --> 00:07:03,720 Speaker 1: cation um in it in what's called a compassionate use 105 00:07:03,760 --> 00:07:06,000 Speaker 1: program in the United States for the last two and 106 00:07:06,040 --> 00:07:08,240 Speaker 1: a half years. There are several hundred children taking the 107 00:07:08,279 --> 00:07:11,880 Speaker 1: drug on prescription right now. But this data in March 108 00:07:12,000 --> 00:07:17,040 Speaker 1: was the first formal placebo controlled data to emerge and 109 00:07:17,280 --> 00:07:22,360 Speaker 1: as such allows us to plan forward towards the prospect 110 00:07:22,400 --> 00:07:24,880 Speaker 1: of making a submission to the FDA and hence the 111 00:07:24,880 --> 00:07:28,000 Speaker 1: stock price reaction. Thank you very much for joining us. 112 00:07:28,160 --> 00:07:32,960 Speaker 1: Justin gober He is the chief executive of GW Pharmaceuticals. 113 00:07:33,280 --> 00:07:38,160 Speaker 1: Stock symbol is g w p h chairs have risen 114 00:07:38,360 --> 00:07:42,680 Speaker 1: twe so far this year. You're listening to Bloomberg Radio. 115 00:07:45,840 --> 00:07:51,120 Speaker 1: Coming up on Bloomberg Radio, Bloomberg Law legal expert June 116 00:07:51,280 --> 00:07:54,320 Speaker 1: Grasso will cover another one of the big legal issues 117 00:07:54,520 --> 00:07:57,280 Speaker 1: of the day, inside and out right here on Bloomberg Radio.