Celadon Pharmaceuticals
Plc
("Celadon", the "Group" or the
"Company")
Finance Update
London, 31 January 2025 -
Celadon Pharmaceuticals Plc (AIM: CEL), a UK-based pharmaceutical
company focused on the development, production and sale of
breakthrough cannabis-based medicines, wishes to provide an update
on its financial position.
The Company announced on 2 January
2025 that it had received £897k from its £1m draw down request,
under its Committed Credit Facility. The Company is therefore due a
further £103k. Following correspondence with the Committed Credit
Facility provider (the "Lender") the Company now expects this
payment during February 2025.
The Company has sufficient working
capital up to March 2025, regardless of the outstanding payment,
assuming expected cash receipts from customers and the support of
creditors.
As previously announced, the Company
continues to explore alternative lending facilities to the
Committed Credit Facility. The Company can confirm it is no longer
in discussions with the finance provider referred to in its
announcement on 18 November 2024. The Company is however
progressing discussions with other providers and will make further
updates as and when appropriate.
The Company also announces that its
registered office address has been updated to 71-75 Shelton Street,
London, WC2H 9JQ, following the sale of the previous registered
office premises by the landlord. This change ensures continuity in
compliance with statutory requirements.
Enquiries:
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Celadon Pharmaceuticals Plc
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James Short
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Via Canaccord Genuity
Limited
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Canaccord Genuity Limited (Nominated Adviser and
Broker)
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Bobbie Hilliam / Andrew
Potts
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+44 (0)20 7523 8000
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Global Investment Strategy UK Limited (Joint
Broker)
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+44 (0)20 7048 9400
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James
Sheehan
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About Celadon Pharmaceuticals Plc
Celadon Pharmaceuticals Plc is a
UK-based pharmaceutical company focused on
the development, production and sale of breakthrough cannabis-based
medicines. Its primary focus is on
improving quality of life for chronic pain sufferers, as well as
exploring the potential of cannabis-based medicines for other
conditions such as autism. Its 100,000 sq. ft UK facility is EU-GMP
approved and comprises indoor hydroponic cultivation, proprietary
GMP extraction and an analytical and R&D laboratory. Celadon's
Home Office licence allows for the commercial supply of its
pharmaceutical-grade cannabis product. The Group owns an approved
clinical trial using cannabis-based medicinal products to treat
chronic pain in the UK. Celadon also has a minority interest in
early-stage biopharma Kingdom Therapeutics, which is developing a
licensed cannabinoid medicine to treat children with Autism
Spectrum Disorder.
For further information please visit
our website www.celadonpharma.com
This announcement contains inside
information for the purposes of article 7 of the Market Abuse
Regulation (EU) 596/2014 as amended by regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement, this information is now
considered to be in the public domain.
