LONDON (Alliance News) - FastForward Innovations Ltd on Thursday said it invested GBP2 million in EMMAC Life Sciences Ltd by way of a share subscription.
The AIM-listed company said it has subscribed for 6.7 million EMMAC shares at a price of 30 pence each.
The subscription, FastForward said, was part of a GBP11 million funding round completed by EMMAC, with total funds raised by EMMAC of GBP17 million in the previous three months.
The GBP2 million investment gives FastForward a 2.6% interest in EMMAC.
EMMAC is a European independent medical cannabis company, which has a partnership agreement with Imperial College London, on a research collaboration to investigate mechanisms of action of cannabis-based medicinal products related to several clinical applications.
EMMAC has recently completed the acquisitions of Medalchemy SA, a technology based research & manufacturing company.
Proceeds from the 2019 funding round are to be used by EMMAC to complete further strategic acquisitions.
"I and my fellow directors believe EMMAC has the potential to realise its vision to be the largest independent integrated medical cannabis company in Europe," said FastForward Chief Executive Lorne Abony.
"Its scientific team and focus is perfectly aligned with the company's investment philosophy with investments be at the very cutting edge of new and innovative developments in life science, health and technology," added Abony.
FastForward shares closed 11% higher on Thursday at 11.25 pence each.
