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Celadon Pharmaceuticals PLC ( (GB:CEL) ) has provided an announcement.
Celadon Pharmaceuticals Plc announced a critical update regarding its financial position, highlighting its inability to secure funding under its existing credit facility. The company is in discussions with a new finance provider who has completed due diligence and is expected to provide necessary funds. However, Celadon currently has limited working capital, and its continued operation depends on receiving these funds and ongoing support from creditors and stakeholders. If funding is not secured soon, the company may enter administration. If funding is secured, Celadon plans to cancel the trading of its ordinary shares on AIM.
More about Celadon Pharmaceuticals PLC
Celadon Pharmaceuticals Plc is a UK-based pharmaceutical company specializing in the development, production, and sale of cannabis-based medicines. The company focuses on improving the quality of life for chronic pain sufferers and exploring cannabis-based treatments for conditions like autism. Celadon operates a 100,000 sq. ft EU-GMP approved facility in the UK, featuring indoor hydroponic cultivation, GMP extraction, and an R&D laboratory. The company holds a Home Office license for the commercial supply of pharmaceutical-grade cannabis and owns a clinical trial for treating chronic pain in the UK. Additionally, Celadon has a minority interest in Kingdom Therapeutics, which is developing a cannabinoid medicine for Autism Spectrum Disorder.
Average Trading Volume: 214,334
Technical Sentiment Signal: Sell
Current Market Cap: £3.1M
For detailed information about CEL stock, go to TipRanks’ Stock Analysis page.