Shares in Celadon Pharmaceuticals PLC (AIM: CEL), a UK-based pharmaceutical company specialising in cannabis-based medicines, surged over 25% in early trading following a financial update.
The company informed investors that it had drawn £1 million from its existing credit facility—marking the final withdrawal under this arrangement—and received a £389,000 tax credit.
The tax credit, linked to an R&D claim for the financial year ending December 2022, had previously been recorded as a deferred asset on its balance sheet.
In a brief statement, the company is actively exploring additional capital opportunities.
In London trading, shares rose 28% to 23p, giving the company a market valuation of over £15 million.
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
