Last checked at 13 Jan 2022 07:00
Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments
13 January 2022
SEED Innovations Limited ("SEED" or the "Company")
Investee Company Update: Eurox Group
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 provide an update on its portfolio company Eurox Group ("Eurox"), a German-based, European vertically integrated medical cannabis company, which has entered into an exclusive agreement with Orchid Ventures Inc., a multi-state cannabis innovation company, on a submission to German Authorities for approval of a premium medical vaporizer device.
SEED has an 8.85% shareholding in Eurox.
The announcement by Orchid Ventures Inc is set out below without material changes or adjustments:
Orchid Ventures Announces Partnership with Eurox Pharma GmbH on Submission to German Authorities for Medical Device Approval
January 11, 2022
VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD) (OTC PINK:ORVRF), a multi-state cannabis innovation company, today announced it has entered into an exclusive agreement with Eurox Pharma GmbH ("EUROX"), Germany based pharmaceutical company. Under the terms of the agreement, Eurox, PurTec, and JWEI, the Company's OEM supplier and partner, will submit one of PurTec's premium disposable vaporizer devices to authorities in Germany for Medical Device Approval. All three companies will be working in collaboration on several requirements and safety studies to prove the efficacy and safety of the device. The companies have already begun securing various certifications to speed up the approval process. Once the device is approved, Eurox will have exclusivity regarding sales and distribution of the PurTec product in the European Union, United Kingdom and Brazil.
The agreement marks PurTec's first project in Europe and Internationally.
"After months of planning and strategizing, we are pleased to announce our partnership with such an established group in Eurox." said Corey Mangold, Founder, CEO and Chairman of Orchid. "We're thrilled to join forces with Eurox and to be submitting one of our most stringently tested vaping products for Medical Device Approval with German health authorities. Once the product is accepted, this will be a huge step forward in our ability to deliver one of the first vaping products to patients and consumers in Germany along with several other European countries. We are confident that with the combined experience and expertise of Eurox and JWEI, we will succeed in getting approval and be among one of the first vaporizer products in-market and available to consumers throughout the EU."
"We are excited about this partnership. We believe that PurTec and JEWI will be valuable, long term partners that can help us expand access to relevant and exciting new products that will compliment our portfolio and advance our growth trajectory. Our objective is to deliver with liquid vaping a controlled and consistent therapy form to patients with need for inhaling in Europe and beyond," said Dr. Bernhard Babel, Co-CEO of Eurox Pharma GmbH.
About Eurox Pharma GmbH
Eurox is a German-based, European vertically integrated medical cannabis company, with
· German subsidiaries responsible for product development & drug development & holding Intellectual Property,
· A cultivation facility in Portugal to secure supply independence,
· GMP production in a German GMP manufacturing facility together with a German pharmaceutical partner,
· A significant minority ownership in a UK registered medical cannabis clinic,
· Strong distribution capabilities with its own sales team and various high caliber distribution partnerships in Germany, other European countries and Latam.
About Orchid Ventures
Orchid Ventures is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU and has unrivaled product quality and value pricing. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates enterprise value. Learn more at https://purtecdesigns.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
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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 | 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.