Shares in Celadon Pharmaceuticals PLC (AIM:CEL), a phrama company focused on cannabis-based medicines, soared over 20% in early deals on a finance update.
The small-cap told investors said it had drawn £1 million on an existing credit facility – it was the final draw under this facility – and it also received a £389,000 tax credit.
It noted that the tax credit related to an R&D claim for the financial year ending December 2022, previously recorded as a deferred asset on its balance sheet,
“The company continues to explore further capital opportunities,” it said in a brief statement.
In London, the shares were up 28%, changing hands for 23p and valuing the firm at over £15 million.