Celadon Pharmaceuticals PLC New European Sales Contract (6176T)
16 November 2023 - 6:00PM
UK Regulatory
TIDMCEL
RNS Number : 6176T
Celadon Pharmaceuticals PLC
16 November 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company")
New Sales Contract with European Medicinal Cannabis Company
London, 16 November 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 contract for the commercial
supply of its pharmaceutical-grade cannabis product with a leading
European medicinal cannabis company.
The contract has the potential to generate revenue to Celadon of
up to GBP26 million of product (GBP8.7 million annually) over the
three year term, with the first delivery anticipated in H2 2024.
The two parties retain the option to extend the contract for a
further two years by mutual agreement.
This latest sales contract follows the two previous UK contracts
announced in May and September 2023 respectively.
The level of interest in Celadon's product from European
medicinal cannabis companies highlights, the Directors believe, the
material benefits of indoor, fully controlled hydroponic cannabis
cultivation, and its significant quality advantages over other
forms of cultivation, such as glasshouse or outdoor facilities.
The Directors believe that 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.
Celadon continues to receive further expressions of interest in
the supply of its pharmaceutical-grade product, and the Company is
currently in discussions to convert these into commercial
contracts.
James Short, Chief Executive Officer of Celadon, said:
"This is our third sales contract in six months, and our most
significant to date. It continues our strong momentum and path to
meaningful revenue generation.
"Our customers continue to highlight the multiple challenges
they face in securing high quality product, and this contract
validates our strategy of manufacturing to the highest standards of
pharmaceutical-grade cultivation and production.
"We are greatly encouraged by the growth we are seeing in UK and
European end markets and are well-placed to secure additional
contracts in the coming months."
Enquiries:
Celadon Pharmaceuticals Plc
James Short Via Powerscourt
Arthur Wakeley
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)
Callum Hill +44 (0)20 7048 9400
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
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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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