Celadon Pharmaceuticals PLC Inaugural Supply Contract Win (4201A)
May 24 2023 - 2:00AM
UK Regulatory
TIDMCEL
RNS Number : 4201A
Celadon Pharmaceuticals PLC
24 May 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company")
Inaugural Supply Contract Win
London, 24 May 2023 - Celadon Pharmaceuticals Plc (AIM: CEL), a
UK-based pharmaceutical company focused on the research,
cultivation, manufacturing and sale of breakthrough cannabis-based
medicines, announces that it has entered into a contract for the
commercial supply of its pharmaceutical-grade high-THC cannabis
product with a leading UK medicinal cannabis company.
Under the terms of the contract, Celadon will sell a minimum of
GBP3 million worth of product over the next three years, with the
first shipment expected in Q4 2023. At the end of the three years,
the contract can be extended for a further two years with the
mutual agreement of the parties.
In addition to this inaugural contract win, Celadon has received
multiple expressions of interest in the sale of its
pharmaceutical-grade product. The Company is currently in
discussions to convert these into commercial contracts, and whilst
there is no guarantee around if or when these will convert, if
successful they would be expected to move the Company to a cash
generative position. The discussions include a further contract
from the inaugural customer worth in excess of GBP7 million of
annual supply.
The contract win announced today follows the Company's Good
Manufacturing Practices ("GMP") registration on 16 January 2023,
and the update to its Home Office licence on 14 March 2023. The
Directors believe 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 and is understood to be
the first for high-THC API in the UK since medicinal cannabis was
legalised in 2018.
The level of interest in Celadon's product further confirms
management's belief that UK production, combined with indoor,
fully-controlled hydroponic cannabis cultivation, has a significant
advantage over imported product, with the associated frustrations
for patients of supply delays and increased cost.
James Short, Chief Executive Officer of Celadon, said:
"We are delighted to have entered into a sizeable first contract
so soon after achieving GMP certification in January. It builds on
the positive momentum we are seeing across the business and is
testament to the hard work of our employees.
"Demand for our product continues to grow, as we deliver on our
strategy of being a leading pharmaceutical cannabis company. We
remain focused on converting expressions of interest into
commercial contracts and have recruited a highly experienced
pharmaceutical business development director to drive this."
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
/
Ibrahim Khalil +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 Company's
subsidiary, LVL, owns a MHRA conditionally-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 licenced
cannabinoid medicine to treat children with Autism Spectrum
Disorder.
For further information please visit our website
www.celadonpharma.co.uk
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of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
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