Celadon Pharmaceuticals
Plc
("Celadon", the "Group" or the
"Company")
Finance Update
London, 20 December 2024 -
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 is pleased to confirm it
has continued to be in correspondence with the provider of the
Committed Credit Facility (the "Lender") and his advisors.
The Lender has continued to confirm that he will pay the remaining
balance of £500k due on the £1m draw down by the end of December
2024.
As at close on 19 December
2024, £250k of the £500k due has been received, meaning £250k
remains outstanding. This receipt, along with the
subscription proceeds received in early December, expected customer
receipts and continuing to work with creditors, gives the Company
sufficient working capital through to February 2025, extending to
March 2025 as and when the additional £250k is received.
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)
James Sheehan
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+44 (0)20 7048 9400
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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.