Celadon Pharmaceuticals PLC - London-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines - Raises £1.0 million through a placing and subscription of 800,000 shares at 125 pence each. Price represents at discount to the company’s closing share price of 128p on Thursday. Proceeds will provide company with additional working capital, it adds.

Company adds it is seeking to raise further funding through the issue of convertible loan notes. Says it has received interest from potential investors to subscribe for its convertible loan notes. Proceeds raised will provide the company with additional working capital and allow it to accelerate the expansion of fitting out phase two of its Midlands production facility.

Current stock price: 115.10 pence, down 10%

12-month change: up 52%

Copyright 2023 Alliance News Ltd. All Rights Reserved.