REG - Celadon Pharma. PLC - New European Sales Contract

Celadon PharmaceuticalsAnnouncement

16/11/2023 07:00

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RNS Number : 6176T  Celadon Pharmaceuticals PLC  16 November 2023

Celadon Pharmaceuticals Plc

 

("Celadon" or the "Company")

 

New Sales Contract with European Medicinal Cannabis Company

 

London, 16 November 2023 - Celadon Pharmaceuticals Plc (AIM: CEL), a UK-based
pharmaceutical company focused on the development, production and sale of
breakthrough cannabis-based medicines, announces that it has entered into a
contract for the commercial supply of its pharmaceutical-grade cannabis
product with a leading European medicinal cannabis company.

 

The contract has the potential to generate revenue to Celadon of up to £26
million of product (£8.7 million annually) over the three year term, with the
first delivery anticipated in H2 2024. The two parties retain the option to
extend the contract for a further two years by mutual agreement.

 

This latest sales contract follows the two previous UK contracts announced in
May and September 2023 respectively.

 

The level of interest in Celadon's product from European medicinal cannabis
companies highlights, the Directors believe, the material benefits of indoor,
fully controlled hydroponic cannabis cultivation, and its significant quality
advantages over other forms of cultivation, such as glasshouse or outdoor
facilities.

 

The Directors believe that Celadon is one of a limited number of companies
globally with the approvals in place to cultivate and manufacture EU-GMP grade
high-THC medicinal cannabis.

 

Celadon continues to receive further expressions of interest in the supply of
its pharmaceutical-grade product, and the Company is currently in discussions
to convert these into commercial contracts.

 

 

James Short, Chief Executive Officer of Celadon, said:

 

"This is our third sales contract in six months, and our most significant to
date. It continues our strong momentum and path to meaningful revenue
generation.

 

"Our customers continue to highlight the multiple challenges they face in
securing high quality product, and this contract validates our strategy of
manufacturing to the highest standards of pharmaceutical-grade cultivation and
production.

 

"We are greatly encouraged by the growth we are seeing in UK and European end
markets and are well-placed to secure additional contracts in the coming
months."

 

Enquiries:

 Celadon Pharmaceuticals Plc
 James Short                                                                                    Via Powerscourt

 Arthur Wakeley

 Jonathan Turner

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

 Global Investment Strategy UK Limited (Joint Broker)

 Callum Hill                                                                                    +44 (0)20 7048 9400

 Powerscourt Group
 Sarah MacLeod / Nick Johnson / Sam Austrums                                                    +44 (0)20 7250 1446

About Celadon Pharmaceuticals Plc

Celadon Pharmaceuticals Plc is a UK based pharmaceutical company focused on
the research, cultivation, manufacturing, 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 manufacturing and an analytical and R&D
laboratory. Celadon's Home Office licence allows for the commercial supply of
its GMP pharmaceutical 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.co.uk
(http://www.celadonpharma.co.uk)

 

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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