Last checked at 2 Nov 2021 07:00
Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments
2 November 2021
SEED Innovations Limited ("SEED" or the "Company")
Investee Company Update: Successful Start of Eurox's Dronabinol Sales
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.
SEED is pleased to note that Eurox has successfully started sales in Germany to a number of select customers of dronabinol, the primary psychoactive compound in cannabis also known Delta-9-tetrahydrocannabinol (Δ9-THC).
Sales of Δ9-THC represents a new revenue stream for Eurox, which follows the distribution agreement of Eurox's full-spectrum extracts to pharmacies during the previous calendar quarter.
SEED has an 8.85% shareholding in Eurox.
Highlights:
· Eurox has reached a new milestone, starting white label sales of Δ9-THC to several select corporate customers.
· Dronabinol preparations, primarily used in pain therapy, have been available under prescription in Germany since 1998 and currently represents a substantial part of the German medicinal cannabis market.
· The dronabinol product category has far fewer suppliers competing for the German market than the case of cannabis flower or full-spectrum extracts.
Ed McDermott, CEO of SEED, commented: "I am encouraged to see that Eurox continues making material progress, broadening revenue streams and generating sales in segments of the medical cannabis market with high-entry barriers.
"As we had anticipated would be the case, we are very excited to see Eurox continue to expand the availability and range of their medical cannabis range."
Bernhard Babel, co-Managing Director of Eurox, commented: "Our goal has always been to increase our portfolio of products so I am very proud to announce that we have successfully started dronabinol sales to high calibre corporate customers which will subsequently sell it to pharmacies."
About Eurox Group
Eurox is a German-based, European vertically integrated medical cannabis company with:
· Fully owned German subsidiaries responsible for product development, holding IP and commercial relationships.
· 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.
· 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 | E: info@seedinnovations.co
|
James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
|
Isabella Pierre Damon Heath | Shard Capital Partners LLP Broker | T: (0)20 7186 9927 |
Catherine Leftley Isabelle Morris | St Brides Partners Ltd, Financial PR | E: 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.