TIDMSEED
Seed Innovations Limited
17 May 2023
17 May 2023
SEED Innovations Limited
("SEED" or the "Company")
Investee Company Update: Avextra AG Successfully Exporting
Medical Cannabis Extracts to Italy
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 note an
announcement released by its portfolio company, Avextra AG
('Avextra'), a German-based, European vertically integrated medical
cannabis company.
SEED's holding in Avextra (formerly Eurox Group) on a fully
diluted basis totals approximately 6.6 per cent was valued as at 30
September 2022 at GBP4.4m.
Alfredo Pascual Vice President of Investment Analysis, commented
: "Avextra's successful export of standardized cannabis extracts to
Italy marks a significant milestone in Avextra's expansion
strategy. Avextra being one of a handful of approved companies to
export cannabis extract into Italy is a testament to Avextra's
commitment to the quality and effectiveness of its products.
"We believe that Avextra is well-positioned to tap into the
growing medical cannabis therapies market in Italy and beyond and
we are excited to witness Avextra's continued success and
contribution to the European cannabis market."
The following extract from the announcement is set out without
material changes or adjustments and the announcement in full can be
accessed from the following link:
https://www.globenewswire.com/en/search/organization/Avextra%2520AG
Start of Avextra AG announcement:
Avextra Continues its European Expansion , Successfully
Exporting Medical Cannabis Extracts to Italy
News Release
-- Avextra has successfully exported EU-GMP standardised
cannabis extracts manufactured at its German facility to its
distribution partner in Italy
-- Avextra extracts are the first Made in Germany products to
serve significant unmet patient needs for oil-based cannabis
medicines in Italy
-- Italy is one of Europe's largest and fastest growing markets
for extract-based cannabinoid therapy. Avextra has a significant
advantage with its focus on EU-GMP standarised extracts
-- Exports into Italy increases Avextra's European footprint and
validates the company's extract focused business strategy
Bensheim, HE, Germany, 17 May 2023 - Avextra AG ("Avextra" or
the "Company"), Avextra AG ("Avextra" or the "Company"), a leading
vertically-integrated manufacturer of cannabis-based medicines
located in Germany, is pleased to announce the successful export of
its standardised cannabis extracts to Italy. This is a significant
achievement for the company as it continues to expand into new
high-growth medical markets and demonstrates continued execution
capability across its European distribution platform.
Italy is a key market for Avextra, with the second-largest
patient population for cannabis-based medicines in the European
Union ("EU"). The successful export of Avextra's products to Italy
is a testament to the quality and effectiveness of its
cannabis-based medicines, and the company's commitment to meeting
the needs of patients and healthcare professionals across
Europe.
Avextra is one of only three companies approved to import
cannabis medicines into the country. In Italy over 70% of the
market for cannabis-based medicines is extracts and Avextra is the
first medical cannabis/pharmaceutical company to register and
launch a balanced extract in Italy, by far the most sought-after
potency for domestic patients.
Avextra's Co-CEO Dr. Bernhard Babel comments, "We have had
extensive discussions with Italian doctors and pharmacies and see a
clear need for standardised extracts in Italy. Our Italian team
have regularly participated in scientific conferences and built
relationships with leading researchers and clinicians and see
strong potential for medical cannabis therapies to grow and develop
in Italy."
Avextra's state-of-the-art manufacturing facility in Germany
adheres to strict European Union regulations, ensuring that all
products meet the standards for quality and safety that EU
regulators have set. This commitment to excellence has enabled the
company to establish itself as a trusted European manufacturer,
with a solid reputation for producing innovative, effective, and
proprietary cannabinoid-based medicines. This latest export to
Italy opens up another significant market and demonstrates
continued success of the Company's European distribution
platform.
End of Avextra AG announcement
- Ends -
For further information on the Company please visit:
www.seedinnovations.co or contact:
Ed McDermott SEED Innovations Ltd E: info@seedinnovations.co
Lance de Jersey
James Biddle Beaumont Cornish Limited, T: (0)20 7628 3396
Roland Cornish Nomad
------------------------- ------------------------------
Isabella Pierre Shard Capital Partners T: (0)20 7186 9927
Damon Heath LLP
Broker
------------------------- ------------------------------
Catherine Leftley St Brides Partners Ltd, E: info@stbridespartners.co.uk
Isabelle Morris Financial PR
Max Bennett
------------------------- ------------------------------
Notes
Seed Innovations Ltd
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.
About Avextra AG
Avextra is one of Europe's leading vertically integrated
suppliers of high-quality 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 in Germany. Avextra operates
across continental Europe through an expansive distribution network
of multiple channels and assets strategically developed for these
key markets.
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END
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