German cannabis medicine manufacturer lands $17M+ in funding
The German-based cannabis medicine producer Avextra has reeled in some new funds while also looking to expand its reach within Europe.
Avextra announced Wednesday that it secured a total of €17 million ($17.9 million) in a capital raise. The company said in a release that the cash will be going toward several avenues of its business, which include expanding the sales of its current products in new markets in Europe and boosting the development of new cannabis-based medicines and products. Avextra also plans to expand its research and development work and grow its presence in Portugal, where the company has a cultivation facility.
It’s also planning to launch more patient studies and clinical trials with its products. Endpoints News reached out to the company to get more details on the raise but did not get a response by press time.
“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. Avextra will begin several clinical trials in 2023 in Germany and Portugal,” said Bernhard Babel, co-CEO of Avextra, in a release.
Avextra’s R&D program is based in Germany and Portugal, and the company manufactures its cannabis-based medicines in a 100,000-square-foot German-based facility. The company has been expanding throughout Europe since it entered the UK market in February.
The raise had support from existing investors in Avextra, the management team and additional investors in Europe, but no specific groups or companies were named.
Avextra is not the only player looking to expand its reach in the cannabis industry. Jazz Pharmaceuticals announced last year it would place $100 million into a new 60,000-square-foot facility in the UK to support the production of two cannabis-based medicines.