REG - Celadon Pharma. PLC - Product Supplied to First Two Sales Contracts

Celadon PharmaceuticalsAnnouncement

14/12/2023 07:00

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RNS Number : 6996W  Celadon Pharmaceuticals PLC  14 December 2023

Celadon Pharmaceuticals Plc

 

("Celadon", the "Group" or the "Company")

 

Product supplied to first two sales contracts

 

London, 14 December 2023 - Celadon Pharmaceuticals Plc (AIM: CEL), a UK-based
pharmaceutical company focused on the development, production and sale of
breakthrough cannabis-based medicines, is pleased to announce the first supply
of its pharmaceutical-grade product to the two commercial contracts announced
on 24 May and 5 September 2023 respectively.

 

The supply of product follows the successful completion of the Company's
latest harvest from its UK-based facility, which is being used to fulfil its
commercial contracts. Periodic invoicing has now commenced for both contracts,
announced in May and September 2023, the first of which is worth a minimum of
£3 million of revenue, with up to £1.2 million of revenue anticipated for
the second contract.

 

Since the announcement of these first two contracts, the Company signed a
further commercial contract on 16 November 2023 with a leading European
medicinal cannabis company. This latest contract has the potential to generate
revenue to Celadon of up to £26 million over three years, with the first
delivery anticipated in H2 2024.

 

These three initial sales contracts follow the Company's receipt of Good
Manufacturing Practices ("GMP") registration from the Medicines and Healthcare
products Regulatory Agency ("MHRA") in January 2023, and subsequent update to
Celadon's Home Office licence in March 2023.

 

James Short, Chief Executive Officer of Celadon, said:

"The first supply of our pharmaceutical-grade product is a very significant
milestone for both Celadon and the wider industry. It has taken four years of
hard work from our incredible team to get here.

 

"Having achieved our licenses and secured our initial commercial contracts,
today demonstrates that we are successfully supplying product and realising
revenue.

 

"Celadon's focus on the highest standards of product quality is essential to
meeting the high expectations of our customers, as well as building trust in
the UK's medical cannabis market. Pleasingly, we are already seeing strong
levels of demand for our product and, supported by the high barriers to entry
for new producers, we remain confident in our long-term growth prospects."

 

 

Enquiries:

 Celadon Pharmaceuticals Plc
 James Short                                                                                    Via Powerscourt

 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)                                           +44 (0)20 7048 9400

 Callum Hill

 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 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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