REG - Pharma C Investments - Investment in Summerway Capital

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28/03/2022 16:15

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RNS Number : 2736G  Pharma C Investments PLC  28 March 2022

28 March 2022

 

Pharma C Investments Plc

("Pharma C" or the "Company")

Investment in Summerway Capital

 

Pharma C Investments (AQSE: PCIL), an early-stage investor and venture builder
in the medical cannabis industry, is pleased to announce that it has completed
its second investment through its participation in a placing by Summerway
Capital Plc (AIM:SWC) ("Summerway"), Summerway has been readmitted to the AIM
Market of the London Stock Exchange following the acquisition of Vertigrow
Technology Ltd ("Vertigrow") and will be renamed as Celadon Pharmaceuticals
Plc. .

Pharma C has invested £100,000 at the placing price of 165p per share for
60,606 ordinary shares in Summerway.

Vertigrow is a UK-based company whose goal is to become the provider and
partner of choice for pharmaceutical cannabinoid-based medicines in the highly
regulated UK market. Celadon is believed to be one of the first pharmaceutical
companies in the UK to receive a Home Office licence, following approval from
the Medicines and Healthcare products Regulatory Agency ("MHRA") to apply for
the licence, allowing it to grow high tetrahydrocannabinol ("THC") medicinal
cannabis.

Highlights

 

·    Celadon has a 100,000 square foot facility located in the Midlands,
UK, that comprises a laboratory designed to meet UK-GMP standards, with
capacity for a large indoor hydroponic growing facility in accordance with
GACP guidelines.

 

·    Celadon's strategy is to facilitate access to cannabinoid-based
medicines by undertaking trials, documenting and sharing the resulting data
and educating physicians. Following receipt of the relevant UK-GMP
authorisation from the MHRA, and a new licence from the Home Office, Celadon
intends to cultivate and manufacture active pharmaceutical ingredient ("API")
from its own facilities for sale to the UK manufacturing market.

 

·    Celadon has an emerging portfolio of partner companies across
therapeutic indications, with a majority shareholding in LVL Health chronic
pain clinic and a minority stake in Kingdom Therapeutics, an early-stage
biopharmaceutical company developing a cannabinoid-based licensed medicine for
autism spectrum disorder

Further information is available at https://celadonpharma.co.uk/
(https://celadonpharma.co.uk/)

Gavin Sathianathan, Pharma C Investment Strategy Director, said: "This is
another major step for Pharma C. We have known the team at Vertigrow and
followed the progress for the last few years. Their approach to putting the
patient first and their engagement with the regulators at both NICE and the
MHRA put them at the forefront of the UK cannabinoid industry. We believe that
their work in running trials, sharing data and engaging physicians will lead
to the broader adoption of pharmaceutical cannabinoids in the UK, with the
potential to millions of people suffering from chronic pain."

 

James Short, CEO of Summerway, said: "We are pleased to welcome Pharma C as
investors in Celadon. We both share the same ambition to improve the lives of
patients suffering from chronic pain with cannabinoid medicines, and I look
forward to working with the team at Pharma C to help take Celadon forwards"

The Directors of Pharma C Investments plc take responsibility for this
announcement.

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- Ends -

 

Gavin Sathianathan, Investment Strategy Director, Pharma C Investments

gavin@pharmacinvestments.com

 

David Coffman / Lucy Bowden

Novum Securities

(AQSE Corporate Adviser)

Tel: +44 207 399 9429

 

About Pharma C

Pharma C Investments is an investment vehicle targeting the legal medicinal
cannabis industry globally. The Company is seeking to identify breakout
companies within the legal markets with a particular focus on the UK, EU and
Israel and will provide capital, strategic insights and operational support.
Pharma C is run by cannabis entrepreneurs who understand the unique challenges
of the legal cannabis industry and thus can provide invaluable support and
expertise for growing companies.

 

About Celadon Pharma

Following completion of the acquisition of Vertigrow Technology Ltd
("Celadon"), Summerway Capital Plc (renamed as Celadon Pharmaceuticals Plc) is
a UK based pharmaceutical company targeting the research, cultivation,
manufacturing and supply of cannabinoid-based medicines. Its primary focus is
on improving quality of life for chronic pain sufferers, as well as exploring
the potential of cannabinoid-based medicines for other conditions such as
autism. Its UK facility comprises a laboratory designed to meet UK-GMP
standards, and capacity for a large indoor hydroponic growing facility that
has received a Home Office Licence to legally grow high THC medicinal cannabis
for the purpose of producing test batches of cannabis oil to support its
application to the MHRA. The Company's subsidiary, LVL, owns a MHRA
conditionally approved cannabis trial using cannabis based medicinal products
to treat chronic pain in the UK.

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