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Investee Company Update: Eurox

Tue, 17th Aug 2021 07:00

RNS Number : 8109I
Seed Innovations Limited
17 August 2021
 

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

 

17th August 2021

 

SEED Innovations Limited ("SEED" or the "Company")

Investee Company Update: Launch of Eurox-branded, made in Germany full-spectrum extracts.

SEED Innovations Limited, 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 provide an update on its portfolio company Eurox Group ("Eurox"), a German-based, European vertically integrated medical cannabis company.

In July 2021, when SEED made its investment, Eurox had anticipated its own brand launch within the coming months. SEED is pleased to note that Eurox has successfully launched its own unique brand of "made in Germany" full-spectrum medical cannabis extracts, representing a milestone for the company with products now available for German pharmacies to order.

SEED has an 8.85% shareholding in Eurox.

 Highlights:

· Eurox has reached a milestone and launched its own brand of "made in Germany" full-spectrum cannabis-based medicinal products ahead of their original plan.

· Eurox own-brand extracts are already available within Germany for doctors to prescribe and pharmacies to order.

· Eurox's objective with this new launch is to guarantee to medical cannabis patients in Europe the highest European pharmaceutical quality standards and reduce patients' dependency on long-distance international shipments and burdensome import-export permits.

· Eurox's first launch of extracts have a balanced THC and CBD content. Eurox continues to work on the development and manufacturing of new products, with high-THC full-spectrum extracts as well as pure dronabinol expected to be launched within the next months.

 

Ed McDermott, Chief Executive Officer of SEED, commented: "I am encouraged to share that Eurox has made this material progress in a short period of time since our investment. It is a huge achievement to have developed, manufactured and to be selling its own-branded, unique, 'made in Germany', EU GMP medical cannabis extracts ahead of their projected timetable.

"We are very excited to see Eurox continue to expand the availability and range of their medical cannabis range and look forward to further commercial and financial updates from them as product uptake matures." 

Alfredo Pascual, VP of Investment Analysis of SEED, commented: "Eurox is in a unique position being one of a handful of companies offering German-made value-added medical cannabis products, we expect this to offer a significant differential advantage. SEED is hopeful that this will also contribute towards growing confidence from the German medical community in the use of cannabinoid therapies, expanding both the market and patients' access."

Bernhard Babel, co-Managing Director of Eurox, commented: "Our goal has always been to deliver a high quality product to the German market and so I am very proud to announce that we have successfully launched Eurox's first branded medicinal cannabis extract.

"All our Eurox-branded medicinal products are produced in a state-of-the-art German facility and adhere to the highest EU and German standards. Eurox provide the highest quality product whilst maintaining uncompromising safety standards to ensure a stable supply and full control of our entire supply chain - from selecting the plant material to manufacturing and distribution.

"This is the first launch in what Eurox hopes will be a much wider range of medicinal cannabis products in the future."

 

About Eurox Group

Eurox has an exclusive, long-term contract and manufacturing agreement for cannabis products with Dr. Reckeweg & Co. GmbH ("Dr Reckeweg"), a EU GMP certified German pharmaceutical company with 75+ years of experience manufacturing plant-based medicinal products.

Eurox Group has fully owned German subsidiaries responsible for product development, holding IP and commercial relationships.

Eurox has already been generating revenue pre-product launch, mainly by selling imported medical cannabis flower in Germany.

Outside Germany, Eurox Group holds the following assets:

· A fully-owned Portuguese subsidiary with a provisional license (often called "pre-license") granted by INFARMED, the Portuguese National Authority of Medicines and Health Products. Eurox Portugal is currently building its cultivation facility to secure vertical integration and long-term supply independence.

· A significant minority ownership of Integro Medical Clinics, a London Care Quality Commission (CQC) registered medical cannabis clinic.

For more information on Eurox, visit https://www.eurox-pharma.com

 

 

***ENDS***

For further information on the Company please visit www.seedinnovations.co or contact:

 

Ed McDermott /

Lance de Jersey

SEED Innovations Ltd

Email: info@seedinnovations.co

 

James Biddle /

Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

Isabella Pierre /

Damon Heath

Shard Capital Partners LLP

 

T: +44 (0)20 7186 9927

Catherine Leftley /

Isabel de Salis

St Brides Partners Ltd,

Financial PR

 

Email: info@stbridespartners.co.uk

 

 

Notes

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.

 

 

 

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