Celadon Pharma's Midlands UK Facility Gets GMP Registration By MHRA; Stock Up

(RTTNews) - Shares of Celadon Pharmaceuticals Plc (CEL.L) were gaining around 8 percent in London trading after the company focused on cannabis-based medicines announced Monday the approval of Good Manufacturing Practice or GMP registration by the UK Medicines and Healthcare products Regulatory Agency or MHRA.

The company's Midlands UK facility has now been registered by the MHRA for the GMP manufacturing of its cannabis Active Pharmaceutical Ingredient or API.

GMP, the globally recognised quality standard required to manufacture pharmaceutical medicines, is an essential requirement for the commercialisation of Celadon's medicinal cannabis product, which will be supplied in oil form as an API.

The company noted that its GMP registration is understood to be the first such registration of a UK pharmaceutical facility for high ?9-tetrahydrocannabinol or THC cannabis API since the legalisation of medical cannabis in 2018.

GMP registration and a Home Office licence is required in order to sell high-THC medicinal cannabis in the UK.

Celadon said it has notified the Home Office to request an update to its existing licence to reflect its GMP status.

James Short, Chief Executive Officer of Celadon said, "With the receipt of GMP registration, Celadon has joined a very select group of cannabis-focused pharmaceutical companies globally. This is a tremendous milestone for the Company given the significant capital and regulatory requirements in this sector."

In London, Celadon shares were trading at 55.66 pence, up 8.08 percent.