Celadon Pharmaceuticals PLC GBP7 Million Committed Credit Facility (8843A)
May 30 2023 - 2:00AM
UK Regulatory
TIDMCEL
RNS Number : 8843A
Celadon Pharmaceuticals PLC
30 May 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company")
GBP7 Million Committed Credit Facility
London, 30 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 GBP7 million, two
year committed credit facility with a UK-based high net worth
investor and current (below 3 per cent) shareholder in the
Company.
Under the terms of the credit facility, Celadon is permitted to
use the facility for general corporate purposes (including funding
of capital expenditure), and its implementation will increase the
Group's working capital headroom in light of the inaugural contract
win and expressions of interest for the sale of Celadon's product,
as announced by the Company on 24 May 2023.
The credit facility is unsecured and has no financial covenants
save for a customary negative pledge around future indebtedness and
restriction on dividends, while it remains outstanding. Any drawn
balances under the facility will attract a fixed interest rate of
10 per cent. per annum and payable quarterly. The facility will be
repaid and cancelled on the earlier of an equivalent financing
(either debt or equity), change of control and two years from
signing.
James Short, Founder and Chief Executive Officer of Celadon
said:
"We are delighted to have secured the GBP7 million credit
facility at such an important time in the Company's growth journey.
It will support the growth in our operations to meet the increasing
demand for Celadon's product.
"With the flexibility that the facility brings to the Group, we
continue to confidently pursue the conversion of expressions of
interest for Celadon's product into formal sale contracts, and
build out the underlying operations required to deliver them."
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)
Regulations 2019/310. With the publication of this announcement,
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END
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