TIDMSEED
RNS Number : 7946Y
Seed Innovations Limited
09 May 2023
09 May 2023
SEED Innovations Limited
("SEED" or the "Company")
Investee Company Update: Little Green Pharma Ltd
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 on the ASX by its portfolio company, Little
Green Pharma Ltd ('LGP')
The Company owns 7,324,796 ordinary shares in LGP representing
2.45% of LGP's issued share capital.
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://investor.littlegreenpharma.com/site/content/
LGP wins extended French government tender
Highlights:
-- LGP appointed a primary CBD oil manufacturer for third year
of extended national French medicinal cannabis Trial
-- Reaffirms LGP's commitment to one of the largest EU markets
critical to LGP's EU strategy, which portfolio includes Germany,
the UK, Denmark, Poland, and Italy
-- Provides Company with significant first mover advantage in
future French market and cements LGP's reputation as a key and
reliable medicinal cannabisproduct supplier across France
-- Company to obtain unique insight and influence over
development of future medicinal cannabis statutory framework in
France including reimbursement status
-- Continued Trial participation consistent with Company's
long-term growth strategy and prior Trial investment as well as
supplying much needed medication to patients
-- Trial has reported consistently positive clinical results to
date, with continuing success anticipated to catalyse legalisation
of a French medicinal cannabis Total Addressable Market of up to
EUR5.6 billion
-- Gives LGP a rare first mover opportunity to capitalise on one
of the largest potential medicinal cannabis markets in Europe
Little Green Pharma Ltd (ASX: LGP, "LGP" or the "Company") is
pleased to announce its re-appointment as a primary supplier of its
1:20 THC:CBD medicinal cannabis oil to the extended French national
medicinal cannabis trial ("Trial") in partnership with leading
French pharmaceutical distributor IntselChimosand its manufacturing
partner, Centre Lab ("Partnership").
The Trial has already shown consistently beneficial clinical
outcomes over its first two years, with 91% of the current 1,453
patients reporting positive results and various expert reports on
the Trial interim results all providing positive feedback [1] .To
date, the Company has supplied its 1:20 THC:CBD and CBD50 oils to
patients in the Trial, and as the majority supplier of the Trial
during this period the Company has become a well-recognised
supplier in the French market and has a strong relationship with
French pharmaceutical regulators.
Following the Trial's initial success, in September 2022 the
French government announced it proposed to extend the Trial for a
third year, until March 2024 [2] . The terms of the extended Trial
tender are substantially similar to the original Trial terms [3]
save that the suppliers will now also be compensated with EUR14 per
unit during the extended period. The Company also tendered and has
also been awarded on the basis that its total supply obligation is
capped at 11,000 units.
The Trial is conducted across France and LGP is the only
supplier to have provided both ratios of CBD dominant products,
with 85% of the 3,000 Trial patients having started their Trial
with an LGP product, and with participating prescribers trained
specifically in prescribing LGP products.
As the majority supplier to the Trial to date, LGP's continued
participation allows the Company to capitalise on its historic
investment while cementing its reputation among French regulators,
prescribers and patients as a longstanding and trusted supplier of
medicinal cannabis products, as well as providing access to the
supply and dispensing pathways in France.
LGP's role as an ongoing supplier to the Trial will also
consolidate the Company's significant first mover advantage in a
future French medicinal cannabis market, as well as giving the
Company unique insight and influence over the development of a
future medicinal cannabis statutory and economic framework in
France, including its reimbursement status.
The resulting Trial study will comprise one of the largest
European data collections on cannabis, with the success of the
Trial already generating calls by patient associations for the
legalisation of medicinal cannabis as soon as possible.
LGP's partners in the Trial comprise Intsel Chimos, a French
pharmaceutical company and recognised hospital distributor with a
track record of more than 50 years in the space and specialising in
the importation and distribution of medicines (including narcotics)
to French hospitals and dispensaries;and Centre Lab, a
pharmaceutical manufacturer who works closely with IntselChimosin
France. Under the Partnership, LGP will manufacture and supply its
medicines into France while IntselChimosand Centre Lab will
undertake batch-release, distribution, medical information, and
pharmacovigilance obligations to the Trial. LGP believes working
with a longstanding local French distributor provides the
Partnership with unique insights into the French pharmaceutical
market. The Partnership will also share the costs of manufacturing
the extended Trial product equally between them.
The Company has also separately submitted a bid to supply its
CBD 50 oil product for the extended Trial period, which tender has
now closed and is being assessed for award. Under these tender
terms, bidders are permitted to bid commercial prices up to a cap
of up to EUR1 million for the equivalent of 22,500 bottles of LGP's
CBD 50 (50ml) medicinal cannabis oil.
LGP believes its success in the Trial continues to confirm the
advantages of developing a robust, export-led sales strategy as
well as its status as a significant global exporter of medicinal
cannabis. With a potential Total Addressable Market of $5.6 billion
[4] , if legalised in France LGP believes the limited number of
Trial suppliers will give LGP a rare first mover opportunity to
capitalise on one of the largest potential medicinal cannabis
markets in Europe.
End of Little Green Pharma Ltd 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 Little Green Pharma
Little Green Pharma is a global, vertically integrated and
geographically diverse medicinal cannabis business with operations
from cultivation and production through to manufacturing and
distribution.
The Company has two global production sites for the manufacture
of its own-branded and white-label ranges of GMP-grade medicinal
cannabis products, being a 21,500m2 cultivation and 4,000m2 GMP
manufacturing facility capable of producing over 30 tonnes of
medicinal cannabis biomass per annum located in Denmark (EU) and an
indoor cultivation and manufacturing facility located in Western
Australia capable of producing 3 tonnes of medicinal cannabis
biomass per annum.
Little Green Pharma products comply with all required Danish
Medicines Agency and Therapeutic Goods Administration regulations
and testing requirements. With a growing range of products
containing differing ratios of active ingredients, Little Green
Pharma supplies medical-grade cannabis products to Australian,
European and overseas markets.
The Company has a strong focus on patient access in the emerging
global medicinal cannabis market and is actively engaged in
promoting education and outreach programs, as well as participating
in clinical investigations and research projects to develop
innovative new delivery systems.
[1]
https://www.cannabiz.com.au/patients-report-positive-outcomes-from-french-cannabis-trial/
[2] See Company December Quarterly ASX release dated 16 January
2023
[3] See ASX release dated 27 January 22021 for further
information related to the original trial
[4] See
https://www.euromonitor.com/cannabis-in-france/report
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPUQWAUPWURB
(END) Dow Jones Newswires
May 09, 2023 04:45 ET (08:45 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024