Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2024-02-08

Avextra successfully concludes follow-on capital raise

Avextra successfully concludes follow-on capital raise

Avextra, a leading European vertically-integrated manufacturer and developer of pharmaceutical cannabis-based medicines (CBMs) located in Germany, has announced the successful closing of its latest capital raise. The round, supported by a mix of existing investors, strategic partners, and new institutional investors, marks a significant milestone for the company as it continues to expand its presence in the European medical cannabis market.

Cannabis-based medicines from Avextra

Avextra, founded in 2019, has swiftly established itself as a key player in Europe’s medical cannabis landscape. It focuses on developing and producing regulator-approved medicines. However, Avextra operates across the entire value chain, from cultivation in Portugal to EU-GMP certified extraction and manufacturing in Germany. This vertical integration allows Avextra to maintain strict quality control and deliver precisely formulated cannabis-based medicines to patients in need.

The recent capital raise, concluded at a valuation of EUR 100 million, represents a substantial investment in Avextra’s future. , What is more, over the past 18 months, the company has successfully raised over EUR 20 million through a combination of equity instruments and Convertible Loan Notes, all of which have now been fully converted into common shares. This influx of capital will fuel Avextra’s continued expansion of its European distribution channels. It will also accelerate clinical trials aimed at developing new evidence-based treatment options for specific medical conditions.

European medical cannabis market

Dr. Bernhard Babel, CEO of Avextra AG, expressed gratitude for the support received from existing shareholders, strategic partners, and new institutional investors. He emphasized the confidence shown in Avextra’s asset base, IP portfolio, and operating strategy. Particularly in light of the current market environment. Dr. Babel highlighted the company’s commitment to executing its two-pillar strategy, which focuses on product development and delivering value for shareholders.

The European medical cannabis market is experiencing rapid growth, with sales projected to exceed EUR 20 billion by 2030. Avextra is in a good position to capitalize on this opportunity. The company has innovative products and great team of pharmaceutical developers. With the latest round of funding, the company plans to launch the next phase of patient studies and clinical trials for proprietary cannabis-based products targeting specific medical indications.

Avextra’s success underscores the increasing importance of medical cannabis in Europe’s healthcare landscape. Regulations evolve and awareness of the therapeutic benefits of cannabis grows. Thus, companies like Avextra play a vital role in providing safe and effective treatment options for patients. With continued investment and strategic focus, Avextra is poised to shape the future of medical cannabis in Europe and deliver value to its stakeholders for years to come.

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