Privately-owned Avextra AG, a leader in the European medical cannabis market, is proud to announce the closing of an EU 17 million capital raise with support from existing investors, the full management team, and additional European investors. The company said the money will be used to expand the sales of Avextra’s current product portfolio into new markets across Europe and further enhance market development in Germany.
The capital will accelerate Avextra’s development of new Cannabis-based medicines and IP, as well as support the continued expansion of its R&D and growth in Portugal. Avextra said it will launch the next phase of patient studies and clinical trials with proprietary products in specific indications. The investment marks a significant milestone in Avextra’s journey to establish itself as one of the few R&D and IP-focused players in the global cannabis market.
“We are very proud of the confidence investors have shown us. We will continue building on our success to make Avextra a leader in compound medicines in Germany and selected European geographies while also accelerating our unique path towards IP and Rx products,” said Bernhard Babel, Co-CEO of Avextra AG. “Avextra will begin several clinical trials in 2023 in Germany and Portugal. This is a testament to the innovation potential inherent in the European cannabis market.”
Avextra cultivates proprietary genetics and runs an ambitious R&D program in Germany and Portugal. The company manufactures cannabis-based medicines in a dedicated 100 000 ft2 state-of-the-art facility in the heart of the German pharmaceutical industry to develop innovative, effective and regulator-approved cannabis-based medicines.
Founded in 2019 and based out of Germany, the company focuses on the production of precisely formulated Cannabis-based medicines. Avextra controls the entire value chain – from cultivation in Portugal to EU-GMP certified extraction and manufacturing Germany. Avextra operates across continental Europe through an expansive distribution network of multiple channels and assets strategically developed for these key markets.