Celadon Pharmaceuticals PLC on Thursday said that it was increasingly optimistic about the UK-market for cannabis-based medicinal products, as it reported a narrowed interim loss.
The London-based manufacturer and supplier of cannabinoid-based medicines, formerly known as Summerway Capital PLC, said its interim loss in the first half of 2023 narrowed to £4.4 million from £13.5 million a year prior.
Revenue fell 27% to £8,000 from £11,000. Notably, in the first half of 2022, when the company changed its name to Celadon Pharmaceuticals after the reverse takeover of Vertigrow Technlogy Ltd for £80 million, it had incurred a one-off share-based payment cost for reverse acquisition of £6.4 million.
Chief Executive Officer James Short said: ‘The commercial pipeline demonstrates the high demand for high-quality UK produced product and our ability to attract premium pricing; it also gives us confidence to further roll out capacity to support this demand.’
Celadon Pharmaceuticals shares traded 1.9% lower at 127.50 pence each on Thursday afternoon in London.
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