Celadon Pharmaceuticals PLC on Monday announced it was still waiting to receive crucial cash, though operations continued to operate in line with its own expectations.

Celadon shares fell 47% in response to 28.00 pence each on Monday morning in London. The stock is down 81% over the past 12 months.

The London-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines said its cash position has been made more difficult by a delay in receipt of funds from the third admission of equity and a £1 million drawn down from a committed credit facility.

Chief Executive Officer James Short said: ‘Celadon continues to make good operational progress, including the recent supply of our cannabis Active Pharmaceutical Ingredients to UK specials manufacturers for supply to UK private pain clinics, which is reflected in positive discussions with potential lenders about substantial new, longer term debt facilities. ’Whilst there have been delays in receiving funding, both the investor and lender have re-confirmed their commitments to, and support for, the company.‘

Celadon said: ’The company has been carefully managing its financial position and progressing the fulfilment of its initial UK customer orders from its Midlands facility. Given limited capacity at its facility, it has been exploring alternative options to supply pharmaceutical grade cannabis to its European customer, as announced on 16 November 2023.‘

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