(Alliance News) - 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 GBP4.4 million from GBP13.5 million a year prior.
Revenue fell 27% to GBP8,000 from GBP11,000. 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 GBP80 million, it had incurred a one-off share-based payment cost for reverse acquisition of GBP6.4 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.
By Tom Budszus, Alliance News reporter
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Celadon Pharma. (CEL)