Celadon still seeking finance as it draws down most of facility

(Sharecast News) - Celadon Pharmaceuticals reported on Friday that it has received £0.897m of a £1m drawdown request from its committed credit facility, with the remaining £0.1m now expected in February. The AIM-traded company said it has sufficient working capital to operate until March, assuming expected cash receipts and continued creditor support.

Celadon said it was still seeking alternative financing options to replace its current credit facility, confirming that it was no longer in discussions with the finance provider referenced in its November update.

The firm said it was in talks with other potential lenders, adding that it would provide further updates as appropriate.

At 1138 GMT, shares in Celadon Pharmaceuticals were down 23.61% at 13.75p.

Reporting by Josh White for Sharecast.com.