Avextra AG has announced the closing of a capital raise worth EU 17 Million (via a convertible loan note) supported by its current investors, entire management team, and additional investors from across Europe.
"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,” stated Bernhard Babel, co-CEO of Avextra AG.
About The Company: Avextra AG is one of Europe’s leading vertically integrated suppliers of high-quality cannabis-based medicines. In addition to cultivating proprietary genetics, Avextra runs an ambitious R&D program in Portugal and Germany, where 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."
Expansion Goal: Target The German Market
Additionally, the funding will be used to expand sales of the company’s product portfolio into new markets across Europe and further enhance market development in Germany.
As part of its R&D plans, Avextra intends to launch the next phase of patient studies and clinical trials with proprietary products in specific indications.
"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,” Babel said.
This investment represents a noteworthy achievement for Avextra as it strives to position itself as one of the few entities in the global cannabis market that is centered on Research and Development (R&D) and Intellectual Property (IP).
The cannabis market in Europe is expected to expand from US$ 3,498.1 million in 2019 to US$ 36,997.1 million by 2027, representing a Compound Annual Growth Rate (CAGR) of 29.6% between 2020 and 2027.
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