Celadon Pharmaceuticals
Plc
("Celadon", the "Group" or the
"Company")
Funding Update
London, 19 March 2025 - Celadon
Pharmaceuticals Plc (AIM: CEL), a UK-based pharmaceutical company
focused on the development, production and sale of breakthrough
cannabis-based medicines, provides below an update on its
funding.
Further to the announcement made by
the Company on 26 February 2025 relating to the Company drawing
down funds under its new secured credit facility (the "New Credit
Facility"), the Directors can confirm that the Company has not
received the funds requested by the Company under its £1.95m
utilisation request. The institutions responsible for transferring
the funds, on behalf of the facility provider, have requested
further due diligence checks on the Company given the nature of its
business. The Company is engaged with the provider of the
facility and understands that the lender is working with the
relevant institutions to satisfy their requirements and expects
this process to take no longer than two weeks.
Given the uncertainty regarding the
delay in the new funds arriving, the Board has resolved to instruct
the Company to drawdown a further £2m from its Committed Credit
Facility ("Existing Facility"), details of which were first
announced on 30 May 2023. The draw down is being made to ensure
that the Company can maximise its working capital position.
Shareholders will be aware that historically there have been
material delays in receiving funds under the Existing Facility,
there can therefore be no certainty at this stage on the timing in
which the Company will receive funds under the Existing
Facility.
As previously announced the Company
continues to work with its creditors to ensure it has sufficient
cash up to April 2025. The funds to be provided under the new
facility are expected to provide the Company with
sufficient working capital through to Q3 2025.
A further update will be made in due
course.
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.
