Shares in Celadon Pharmaceuticals PLC (AIM:CEL) tanked 50% in early trading amid hold-ups that should have seen it access to £1.3 million of funding.
With £48,000 of cash as of August 9, the cannabis-derived medicines group is managing its financial position carefully.
"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 CEO James Short.
In morning trading the stock was off 26.1p at 26.5p.
Short said Celadon continued to make "good operational progress", including the recent supply of its cannabis active pharmaceutical ingredients to 'specials' manufacturers for supply to UK private pain clinics.
This, he said, "is reflected in positive discussions with potential lenders about substantial new, longer-term debt facilities".