Avextra announces the closing of its EU 17 Million Convertible Loan Note (“CLN”) bridge capital raise. The CLN will automatically swap into equity at the next capital round currently in preparation.
With the conclusion of this fundraising round, Avextra will accelerate its growth as a European player in registered Cannabis-based medicines that fulfil unmet patient needs and the highest quality and safety standards in Europe and in selected geographies.
Avextra cultivates proprietary genetics and runs an ambitious R&D program in Germany and Portugal. The company manufactures Cannabis-based medicines in a dedicated 100 000 ft2 state-of-the-art facility in the heart of the German pharmaceutical industry.
Avextra will continue to expand its distribution channels, accelerate its R&D and product development by launching clinical trials to create new evidence-based treatment options for specific indications.
BENSHEIM, Germany, March 15, 2023 (GLOBE NEWSWIRE)
Avextra AG (“Avextra” or the “Company”), a leader in the European medical cannabis market, is proud to announce the closing of a EU 17 million capital raise with support from existing investors, the full management team and additional European investors. The funding will be used to expand the sales of Avextra’s current product portfolio into new markets across Europe and further enhance market development in Germany.
Of particular importance, this injection will accelerate Avextra’s development of new Cannabis-based medicines and IP, as well as support the continued expansion of its R&D and growth in Portugal. Avextra will launch the next phase of patient studies and clinical trials with proprietary products in specific indications. The investment marks a significant milestone in Avextra’s journey to establish itself as one of the few R&D and IP-focused players in the global cannabis market.
„We are very proud of the confidence investors have shown us. 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,“ said Bernhard Babel, Co-CEO of Avextra AG. „Avextra will begin several clinical trials in 2023 in Germany and Portugal. This is a testament to the innovation potential inherent in the European cannabis market.”
Avextra cultivates proprietary genetics and runs an ambitious R&D program in Germany and Portugal. The company manufactures Cannabis-based medicines in a dedicated 100 000 ft2 state-of-the-art facility in the heart of the German pharmaceutical industry to develop innovative, effective and regulator approved Cannabis-based medicines.
The European cannabis market is projected to reach over €25 billion in sales by 2030, offering a significant market opportunity for companies like Avextra. With its innovative proprietary products and a highly skilled team in pharmaceutical development, Avextra is well-positioned to capture a sizable share of this growing market and deliver significant value to its stakeholders.
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 Germany. Avextra operates across continental Europe through an expansive distribution network of multiple channels and assets strategically developed for these key markets.
Learn more at avextra.com and stay up to date at LinkedIn: LinkedIn.com/company/avextra-ag/
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Forward-Looking Statement:
This news release contains certain „forward-looking information“ within the meaning of applicable securities law. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to the risk that: synergies and expected collaboration from the event may not be fully realised or may take longer to realise than expected; consumer demand for cannabis products globally falls short of expectations; Avextra’s subsidiaries and partners are able to obtain and maintain the necessary regulatory authorisations to conduct business; and general economic, financial market, legislative, regulatory, competitive and political conditions in which Avextra and its subsidiaries and partners operate will remain the same.
The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release.