Last checked at 9 Feb 2023 07:15
9 February 2023
SEED Innovations Limited
("SEED" or the "Company")
Investee Company Update: Avextra AG Exports Oil-Based Cannabis Medicines to the United Kingdom
SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and industry-leading businesses with a focus on the medical cannabis, health, and wellness space, is pleased to note an announcement released by its portfolio company, Avextra ('Avextra'), a German-based, European vertically integrated medical cannabis company.
SEED's holding in Avextra on a fully diluted basis totals approximately 7.48 per cent.
The following extract from the announcement is set out without material changes or adjustments.
Avextra Successfully Exports Oil-Based Cannabis Medicines to the United Kingdom
· Avextra successfully exported EU-GMP standardised cannabis extracts manufactured in its German facility to its distribution partner in the United Kingdom
· Export is a significant milestone that validates the regulatory pathway for medical cannabis products from Germany
· Avextra will continue to work with its partners to serve patients across the United Kingdom and across Continental Europe
· Avextra retains an ownership stake in Integro Medical Clinics in London, as a strategic asset in the UK market
BENSHEIM, Germany, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Avextra AG ("Avextra" or the "Company"), a leading vertically-integrated manufacturer of Cannabis-based medicines located in Germany, is pleased to announce the successful export of its standardised cannabis extracts to the United Kingdom ("UK"). The UK is the world's largest exporter of Cannabis-based medicines and therefore one of the strictest jurisdictions in the world for their imports.
This milestone marks a significant step forward for the Company as it validates the regulatory pathway for the UK market and provides patients access to Avextra's EU-GMP certified Cannabis-based medicines.
The Company's standardised cannabis extracts, which are manufactured using the highest quality starting material and the latest extraction techniques, have been met with positive feedback from patients and healthcare professionals alike. Avextra's commitment to producing safe and effective products has been recognised by regulatory bodies, allowing the company to enter new markets and reach more patients in need.
Avextra has an ownership stake in Integro Medical Clinics, a medical cannabis clinic located in London, UK. This clinic provides Avextra the opportunity to better understand unmet patient need and gather valuable insights to develop safe and effective Cannabis-based medicines of the highest quality to address it. This unique combination of distribution and market intelligence has put Avextra in a strong position to continue to grow and succeed in the UK and other European medical cannabis markets.
"We are thrilled to be able to expand our reach and bring our products to patients in the UK," said Bernhard Babel, Co-CEO of Avextra. "Regulations are developing in a positive direction across Europe as governments and the medical community continue to recognise the benefits of medical cannabis and its potential to improve patients' quality of life". In addition, "Having a stake in Integro Medical Clinics allows us to aggregate data and glean valuable insights into the needs of patients in the UK, as we continue to innovate and improve our products to meet those needs."
This expansion into the UK market is a testament to Avextra's commitment to innovation and quality, and the company looks forward to continued growth and to bringing its products to more patients across Europe in the future.
The announcement in full can be accessed from the following link https://www.globenewswire.com/news-release/2023/02/08/2604058/0/en/Avextra-Successfully-Exports-Oil-Based-Cannabis-Medicines-to-the-United-Kingdom.html
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For further information on the Company please visit: www.seedinnovations.com or contact:
Ed McDermott Lance de Jersey | SEED Innovations Ltd | E: info@seedinnovations.co
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James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
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Isabella Pierre Damon Heath | Shard Capital Partners LLP Broker | T: (0)20 7186 9927 |
Catherine Leftley Isabelle Morris Max Bennett | St Brides Partners Ltd, Financial PR | E: info@stbridespartners.co.uk |
Notes
Seed Innovations Ltd
SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.
About Avextra AG
Avextra is one of Europe's leading vertically integrated suppliers of high-quality Cannabis-based medicines. Founded in 2019 and based out of Bensheim, Germany, the company focuses on the production of precisely formulated Cannabis-based medicines. Avextra controls the entire value chain - from the cultivation of the plants in Portugal to the EU-GMP certified production in Germany. Avextra operates across continental Europe through an expansive distribution network and assets strategically developed in key markets.