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

The successful completion of its most recent capital raise has been announced by Avextra, a prominent European vertically-integrated producer and developer of prescription cannabis-based medicines (CBMs) with headquarters in Germany. The investment, which is backed by a combination of new institutional investors, strategic partners, and current investors, represents a major turning point for the business as it works to increase its market share in Europe for medicinal cannabis.

Avextra’s cannabis-based medications

Founded in 2019, Avextra has quickly become a major participant in the European medicinal cannabis market. It focuses on creating and manufacturing drugs that have been approved by regulators. On the other hand, Avextra works throughout the whole value chain, from production in Germany to EU-GMP certified extraction and extraction in Portugal. Through vertical integration, Avextra is able to provide patients in need with precisely tailored cannabis-based medications while upholding stringent quality control.

The latest capital raise, which was completed at a EUR 100 million valuation, is a significant investment in the future of Avextra. Furthermore, the company has successfully funded approximately EUR 20 million in the last 18 months using a combination of convertible loan notes and equity instruments, all of which have now been fully converted into common shares. This funding infusion will support Avextra’s ongoing development of its European distribution networks. Additionally, it will quicken clinical trials intended to create fresh, empirically supported treatment plans for particular illnesses.

Market for medical cannabis in Europe

The CEO of Avextra AG, Dr. Bernhard Babel, conveyed his appreciation for the support that new institutional investors, current shareholders, and strategic partners have provided. He underlined the assurance displayed in the asset base, intellectual property portfolio, and business plan of Avextra. especially considering the state of the market at the moment. Dr. Babel emphasized that the business is dedicated to carrying out its two-pillar strategy, which is centered on creating value for shareholders and product development.

The medical cannabis business in Europe is expanding quickly; by 2030, revenues are expected to surpass EUR 20 billion. Avextra is well-positioned to take advantage of this chance. The organization boasts a fantastic staff of pharmaceutical developers and creative items. The business intends to use the most recent fundraising round to begin the next round of clinical trials and patient studies for its exclusive cannabis-based products that are intended for particular medical conditions.

The triumph of Avextra highlights the growing significance of medicinal cannabis in the European healthcare system. Laws change and people become more aware of cannabis’s medicinal benefits. Thus, businesses like Avextra are essential to giving patients access to safe and efficient treatment alternatives. Avextra is well-positioned to influence the direction of medicinal cannabis in Europe and provide value to its stakeholders for many years to come with sustained investment and strategic focus.

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