22nd Jun 2022 14:37
Celadon Pharmaceuticals PLC - London-based manufacturer and supplier of cannabinoid-based medicines formerly known as Summerway Capital PLC - Completes sixth harvest of "high THC medical cannabis" from its phase 1 grow facility, with initial results from the selected test batches showing high quality. The company says it's nearing completion of all preparatory work ahead of the good manufacturing practice inspection by the Medicines & Healthcare products Regulatory Agency.
Celadon says phase 2 grow facility is expected to become operational in the first quarter of 2023, following which it will aim to expand its high THC medical cannabis grow capacity to three tonnes per year.
Chief Executive Officer James Short says: "We believe that our highly regulated, pharmaceutical approach is the most effective route to ensuring that patient needs are met. With our focus on evidence-based data, facilitated by our medical cannabis study and MHRA conditionally approved medical cannabis trial, we hope to demonstrate the safety and efficacy of cannabis-based medicines, underpinning the case for regulatory approval and, in turn, reimbursement by the NHS."
Firm adds that while it needs a license from the Home Office to sell its medical cannabis commercially, "there have been a number of positive preliminary discussions regarding sales of bulk cannabis flower both in the UK and internationally."
Current stock price: up 1.0% at 102.00 pence on Wednesday in London.
12-month change: down 45%
By Xindi Wei; [email protected]
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