Cannabis-based medicines developer Celadon Pharmaceuticals (LON: CEL) says its pain clinic subsidiary LVL Health has completed the feasibility study of its non-cancer chronic pain clinical trial. The results are described as positive, and the share price rose by 1% to 50.5p.
The results have been submitted to the research ethics committee, which will make a decision on a larger clinical trial involving up to 5,000 patients. A trial has already been conditionally approved by the MHRA.
The study indicates improvements in the quality of life and the larger clinical trial is designed to produce data that will provide confidence for prescription and reimbursement by the NHS.
Celadon Pharmaceuticals, which reversed into AIM cash shell Summerway Capital in the summer, is expected to have £5m in cash at the end of 2022, so it has enough funds for its current requirements.
