Celadon Pharmaceuticals PLC New Sales Contract with UK Pharmaceutical Company (3368L)
05 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMCEL
RNS Number : 3368L
Celadon Pharmaceuticals PLC
05 September 2023
Celadon Pharmaceuticals Plc
("Celadon" or the "Company")
New Sales Contract with UK Pharmaceutical Company
London, 5 September 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 new contract for the
commercial sale of its cannabis product with a second UK
pharmaceutical company customer that the Company anticipates could
generate up to GBP1.2 million in revenue.
The Company anticipates that the first shipment will be made in
Q4 2023. The contract will run over a three year term, with both
parties retaining the option to extend for a further two years
subject to mutual agreement.
In May 2023 Celadon signed its inaugural supply contract with a
leading UK medicinal cannabis company. Under the terms of that
contract, the company will supply a minimum of GBP3 million worth
of product over the next three years.
Both contract wins underscore demand for domestic product in the
UK and further confirm the Company's belief that UK production has
a significant advantage over imported product, which can suffer
from a plethora of regulatory and logistical challenges.
The Company continues to receive further expressions of interest
in the supply of its pharmaceutical-grade cannabis product, and is
currently in discussions to convert these into commercial
contracts. With Phase 1 of the facility now fully contracted, the
Directors have growing confidence in continuing to expand the
production capacity of the site.
James Short, Chief Executive Officer of Celadon, said:
"We are very happy to have signed a second sales contract with a
new customer so soon after the first. Demand for our product
continues to grow, and converting this interest into commercial
sales remains our top priority.
"Customers are choosing to come to Celadon as a trusted provider
of UK-produced, high-quality product. Many businesses are facing
regulatory and logistical challenges when trying to import
medicinal cannabis product into the UK, and therefore are willing
to pay premium prices to secure Celadon's domestically produced
product."
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 +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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