Panaxia PNAX, a cannabis-focused pharmaceutical company and European specialty pharmaceutical company Neuraxpharm Group announced on Thursday the signing of two addendums to their agreement to expand their collaboration into the Czech and Swiss markets.
What Happened?
The collaboration includes the marketing and distribution of advanced medical cannabis products, including cannabis extracts for inhalation, produced by Panaxia.
The move builds on prior collaborations between the companies in Germany and France.
The collaboration model will be similar to the one in Germany with the joint branding, Naxiva Panaxol.
Panaxia will manage the manufacturing of the products, such as pharmaceutical-grade medical cannabis premium oils and extracts for inhalation based on clinical data, while Neuraxpharm will be responsible for the marketing, distribution, and commercialization of the products in the Czech Republic and Switzerland markets.
Why It Matters?
“We are proud to expand our collaboration with our partner, Neuraxpharm, to the Czech Republic and Switzerland, two of the most advanced countries in Europe in terms of their medical cannabis policy,” Dr Dadi Segal, CEO of Panaxia, said. “We are excited to make our advanced medical cannabis products available to patients in both countries and expand the variety of products offered."
In addition, Neuraxpharm has created a business unit at corporate level dedicated to medical cannabis and established a dedicated sales force in Germany. To this end, Neuraxpharm has appointed Rita Barata, a former Tilray Brands, Inc.'s TLRY executive, as the new head of the specified corporate medical cannabis business unit to accelerate the launch and drive its growth at the European level.
Panaxia operates two EU-GMP facilities in Israel and Malta, which allow the export of advanced medical cannabis products to most European countries.
What’s Next?
First sales of products in the Czech Republic and availability of scientific information in Switzerland are expected to begin by the end of 2022, subject to completing the regulatory registrations of the Czech and Swiss authorities for the distribution of medical cannabis products.
Related News
- Panaxia's Malta Facility Granted EU-GMP Standard, Enabling Export Of Its Products Across Various EU Countries
- Panaxia Recieves Production License Of Medical Cannabis Products In Malta
Photo: Courtesy of Sora Shimazaki by Pexels
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