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Seed investee Avextra raises another EUR 7.4m

Tue, 04th Oct 2022 14:21

(Sharecast News) - Medical cannabis investor Seed Innovations said on Tuesday that its portfolio company Avextra has raised €7.4m from existing investors, via a secured convertible loan note.

The AIM-traded firm said that following the fundraise, its holding in Avextra on a fully-diluted basis was 7.48%, adding that it did not participate in the fundraise.

It noted that the fundraise took Avextra's total raised in 2022 to date to €11.8m.

The note would be convertible at a 20% discount to a future fundraise, or at maturity on 31 January 2024 at the same valuation as the previous fundraise, being a 62% premium to Seed's initial investment.

It said the inferred value in the carrying value of Seed's holding in Avextra remained at €5m.

The fundraise would be used to support Avextra's launch in Germany, research and development activities including the start of clinical studies, as well as furthering the expansion of its Portugal operations.

Seed said the €7.4m was raised from existing shareholders, including institutional investor Iberis Bluetech Fund.

"Seed is pleased to share the news of a significant €7.4m fundraise by investee company Avextra, despite the widely-reported poor market conditions for raising money," said chief executive officer Ed McDermott.

"The large quantum of the fundraise, and the terms it has been raised on, is a testament to the confidence investors have in Avextra's future."

McDermott said Germany remained the largest European medical cannabis market, adding that it was showing "excellent growth" in patient numbers and total market revenues.

"We continue to see strong progress from Avextra, in both operational breakthroughs, its vertically integrated production capabilities and its increased sales of its 'made in Germany' medical cannabis product range, and with further significant funding now secured, Avextra is very well capitalised for future growth."

At 1124 BST, shares in Seed Innovations were up 2.04% at 2.5p.

Reporting by Josh White at Sharecast.com.

More News
16 Sep 2022 09:47

IN BRIEF: Seed Innovations portfolio company changes name to Avextra

Seed Innovations Ltd - Guernsey based wellness and life sciences company - Announces its portfolio company Eurox Pharma GmbH has changed its name to Avextra Pharma GmbH. The name change emphasises Avextra's "clear focus on the highest quality cannabis extracts and its commitment to the development of evidence-based cannabis medicines." Avextra provides Seed with direct access to German, the largest cannabis market in Europe.

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31 Aug 2022 15:55

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Hill & Smith Holdings PLCAGM
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LXi REIT PLCAGM
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Totally PLCAGM
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Berkeley Group Holdings PLCAGM
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Castelnau Group LtdAGM
DS Smith PLCAGM
Lamprell plcAGM
Renold PLCAGM
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CVC Income & Growth LtdEGM
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8 Aug 2022 13:33

Seed Innovations makes further South West Brands investment

(Alliance News) - Seed Innovations Ltd on Monday said it has invested a further GBP50,000 in South West Brands Ltd, following the listing of its products at a UK high street retailer and online.

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8 Aug 2022 13:04

Seed Innovations puts another £50k into South West Brands

(Sharecast News) - Medical cannabis, health and wellness-focussed investor Seed Innovations has invested a further £50,000 in London-based wellness and beauty brand owner South West Brands (SWB), it announced on Monday.

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1 Aug 2022 16:57

IN BRIEF: Agronomics, Seed Innovations invest into Clean Food

Agronomics Ltd - Isle of Man, UK-based cellular agriculture company - Leads GBP1.7 million seed financing of cellular agriculture firm Clean Food Ltd with a GBP577,500 investment to subscribe for 5.8 million shares, bringing its total holdings to 35%, worth GBP3.8 million.

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1 Aug 2022 13:34

Seed Innovations puts £0.17m into palm oil alternative developer

(Sharecast News) - Medical cannabis, health and wellness investor Seed Innovations has invested £0.17m in Clean Food Group, a UK-based cellular agriculture company focused on the commercialisation of palm oil by fermentation, it announced on Monday.

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21 Jul 2022 19:39

EARNINGS UPDATES: SDI Group profit surges; Herald NAV drops

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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12 Jul 2022 14:46

IN BRIEF: Seed Innovations investee signs AUD2.0 million two-year deal

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Says investee Little Green Pharma Ltd has signed a two-year medicinal cannabis supply deal with Ilios Sante GmbH, worth AUD2.0 million. Ilios Sante is a German-based licensed pharmaceutical wholesaler and subsidiary of the Bloomwell Group, a European medical cannabis healthcare company. Seed says the deal involves a non-exclusive LGP white label medicinal cannabis product.

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1 Jul 2022 20:05

TRADING UPDATES: Capital wins contracts; 4D pharma pauses enrolment

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Friday and not separately reported by Alliance News:

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8 Jun 2022 17:44

IN BRIEF: Seed Innovations gives EUR250,000 loan to portfolio company

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Provides a EUR250,000 term loan to portfolio company Fralis LLC which trades as Leap Gaming. Fralis is an Israel-based developer of 3D gaming applications. Companies agree the loan will be drawn down in tranches. Seed explains that the loan will be used for working capital purposes as Fralis advances towards a liquidity events through an initial public offer or reverse takeover transaction. These are anticipated in late 2022, it adds.

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19 May 2022 14:49

Seed Innovations investee signs contract to supply high-THC strain

(Alliance News) - Seed Innovations Ltd said on Thursday its investee company Little Green Pharma Ltd signed a contract with Four 20 Pharma for exclusive supply of a new high-THC strain into Germany.

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4 May 2022 19:30

IN BRIEF: Seed Innovations investee Yooma Wellness delays results

Seed Innovations Ltd - Guernsey-based wellness and life sciences firm - Notes an announcement from investee Yooma Wellness Inc made on Tuesday regarding a delay in its annual filings. Yooma said it was unable to file its financial statements for 2021 due to unexpected delays to its audit. As a result, Yooma expects to be issued with a failure-to-file cease trade order by the Ontario Securities Commission.

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3 May 2022 12:56

IN BRIEF: Seed Innovations investee Little Green in quarterly growth

Seed Innovations Ltd - Guernsey-based wellness and life sciences firm - Notes investee Little Green Pharma Ltd report for the first quarter, with revenue increasing 30% to USD3.2 million, and cash receipts doubled year-on-year. Expects LGP sales to grow in the quarters to come. Seed Innovations holds a 3.1% stake in LGP.

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19 Apr 2022 22:13

TRADING UPDATES: AVI Japan outperforms; Crossword annual revenue grows

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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