REG - Celadon Pharma. PLC - Funding Update

Celadon PharmaceuticalsAnnouncement

19/03/2025 07:15

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RNS Number : 2035B  Celadon Pharmaceuticals PLC  19 March 2025

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:

 Celadon Pharmaceuticals Plc
 James Short                                                                                    Via Canaccord Genuity Limited

 Canaccord Genuity Limited (Nominated Adviser and Broker)
 Bobbie Hilliam / Andrew Potts                                                                  +44 (0)20 7523 8000

 Global Investment Strategy UK Limited (Joint Broker)                                           +44 (0)20 7048 9400

 James Sheehan

 

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
(http://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.

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