REG - Celadon Pharma. PLC - New Sales Contract with UK Pharmaceutical Company

Celadon PharmaceuticalsAnnouncement

05/09/2023 07:00

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RNS Number : 3368L  Celadon Pharmaceuticals PLC  05 September 2023

Celadon Pharmaceuticals Plc

("Celadon" or the "Company")

New Sales Contract with UK Pharmaceutical Company

London, 5 September 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
new contract for the commercial sale of its cannabis product with a second UK
pharmaceutical company customer that the Company anticipates could generate up
to £1.2 million in revenue.

The Company anticipates that the first shipment will be made in Q4 2023. The
contract will run over a three year term, with both parties retaining the
option to extend for a further two years subject to mutual agreement.

In May 2023 Celadon signed its inaugural supply contract with a leading UK
medicinal cannabis company. Under the terms of that contract, the company will
supply a minimum of £3 million worth of product over the next three years.

Both contract wins underscore demand for domestic product in the UK and
further confirm the Company's belief that UK production has a significant
advantage over imported product, which can suffer from a plethora of
regulatory and logistical challenges.

The Company continues to receive further expressions of interest in the supply
of its pharmaceutical-grade cannabis product, and is currently in discussions
to convert these into commercial contracts. With Phase 1 of the facility now
fully contracted, the Directors have growing confidence in continuing to
expand the production capacity of the site.

James Short, Chief Executive Officer of Celadon, said:

"We are very happy to have signed a second sales contract with a new customer
so soon after the first. Demand for our product continues to grow, and
converting this interest into commercial sales remains our top priority.

"Customers are choosing to come to Celadon as a trusted provider of
UK-produced, high-quality product. Many businesses are facing regulatory and
logistical challenges when trying to import medicinal cannabis product into
the UK, and therefore are willing to pay premium prices to secure Celadon's
domestically produced product."

Enquiries:

 Celadon Pharmaceuticals Plc
 James Short                                               Via Powerscourt

 Arthur Wakeley

 Jonathan Turner

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

 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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