European pharmaceutical company Neuraxpharm has teamed up with Israel medical cannabis producer Panaxia Labs Israel PNAX to begin marketing medical cannabis products.
Neuraxpharm focuses on pharmaceutical products for the central nervous system, covering 12 European countries, or more than 80% of the European CNS drug market. It is often regarded as the leading European CNS Specialist, having annual revenues of approximately €480 million ($524.6 million).
With Germany being considered one of the biggest and fastest-growing medical cannabis markets in Europe, the two companies expect to set their focus there, projecting they will reach other markets in the future.
The deal contains a mutual option to examine extending partnership to other countries in Europe.
Under the partnership agreement, Panaxia will be in charge of producing the products under EU-GMP standards, while Neuraxpharm will take over branding, and distribution to certified pharmacies in Germany.
The first sales are expected to begin once the companies obtain a receipt of regulatory approval this year.
"As a leading European pharmaceutical company specialized in CNS, we are delighted to announce this promising collaboration with Panaxia, a leader in medical cannabis products," Jörg-Thomas Dierks, CEO of Neuraxpharm said in a statement. “As part of our commitment to find new solutions for unmet needs, we are truly excited to jointly pioneer in the fast growing medical cannabis sector and expand our portfolio of products in CNS.”
Dadi Segal, CEO of Panaxia Labs Israel, also praised the collaboration.
"We are excited and proud to have an European leader of Neuraxpharm's caliber select Panaxia to move forward together into the medical cannabis market," Segal said.
Photo courtesy of Neuraxpharm
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