GW Pharma published its results for the first quarter of the year on Monday, sending shares upwards.

The British biopharmaceutical company said that revenue for the quarter to March-end was $39.2 million, up from $3 million the year before.

GW Pharma also reported a net loss for the quarter of $50.1 million compared to $69.5 million for the same period in 2018.

The firm also confirmed a closed transaction to sell Rare Pediatric Disease Priority Review Voucher for $105 million in April.

GW Pharma said that the sale would be reflected in its second quarter results.

Cash and cash equivalents at the end of the period totalled $521.7 million, down from $591.5 million as of December-end 2018.

Alongside updating the market on financial performance, GQ Pharma also announced a positive set of results from its Phase 3 trials for its EPIDIOLEX product.

EPIDIOLEX is a cannabidiol or CBD product developed for the treatment of seizures associated with Tuberous Sclerosis Complex.

The firm confirmed that it had achieved its primary objective with the treatment during the trial.

Justin Gover, the company’s chief executive commented in a statement:

“We are pleased to report a strong launch of Epidiolex in the US and continue to be encouraged by the level of support for this medicine from patients, caregivers and healthcare professionals. As the first and only plant-derived CBD medicine approved by the FDA, Epidiolex offers a novel treatment option for patients with Lennox-Gastaut Syndrome and Dravet syndrome, two highly treatment-resistant forms of childhood-onset epilepsy”,

He added:

“In addition, we are delighted to report today positive results from a Phase 3 trial in patients with seizures associated with Tuberous Sclerosis Complex, and are excited at the prospect of expanding the use of Epidiolex to these high need patients in the future.”

Shares in GW Pharma (NASDAQ: GWPH) are currently trading down -2.62% as of 10:34AM (GMT).