Palla Pharma Limited has successfully completed the validation trials to support the application to the UK medicines regulator (MHRA) to manufacture and sell 30mg Codeine Phosphate/500mg Paracetamol tablets and caplets under the Marketing Authorisations ("MAs") acquired in 2020. The validation results were filed with the MHRA on 30 October, and on 3 November the MHRA confirmed in writing that the application was accepted. PAL and its regulatory consultants expect the business to be able to start manufacturing and selling these products in December 2020. The ability to sell Finished Dosage MA products into the UK market will result in a strong revenue and EBITDA uplift in FY21. Revenue for every kg of Codeine Phosphate sold in tableted form is approximately 2.4 times higher than that sold as an Active Pharmaceutical Ingredient (API). While PAL has prioritised the approval of the Codeine Phosphate /Paracetamol combination products to target the most significant market opportunity, further submissions to the MHRA will be completed in first quarter 2021 for the remaining 4 Dihydrocodeine MAs acquired.