The latest update is out from Celadon Pharmaceuticals PLC ( (GB:CEL) ).
Celadon Pharmaceuticals Plc announced a delay in receiving funds from its new secured credit facility due to additional due diligence checks requested by the institutions responsible for transferring the funds. To mitigate the uncertainty and ensure sufficient working capital, the company has decided to draw down an additional £2m from its existing credit facility, although there is no certainty on the timing of these funds. The company is actively working with creditors to maintain sufficient cash flow up to April 2025, with the new facility expected to provide working capital through Q3 2025.
More about Celadon Pharmaceuticals PLC
Celadon Pharmaceuticals Plc is a UK-based pharmaceutical company specializing in the development, production, and sale of innovative cannabis-based medicines. The company focuses on improving the quality of life for chronic pain sufferers and exploring cannabis-based treatments for conditions such as autism. Celadon operates a 100,000 sq. ft EU-GMP approved facility in the UK, which includes indoor hydroponic cultivation, GMP extraction, and an R&D laboratory. The company also holds a Home Office license for the commercial supply of pharmaceutical-grade cannabis and has an approved clinical trial for treating chronic pain in the UK.
YTD Price Performance: -10.0%
Average Trading Volume: 198,878
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £9.29M
See more data about CEL stock on TipRanks’ Stock Analysis page.