- Avextra has signed distribution agreements with two pharmaceutical distribution partners in Switzerland and one partner in Austria
- Avextra begins exports of standardized cannabis-based medicines from its EU-GMP German facility to its distribution partners in Switzerland and Austria
- The Company continues to execute on its medical cannabis focused strategy, bringing highest quality cannabis-based medicines manufactured in Germany into core European markets
BENSHEIM, Germany, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Avextra AG (“Avextra” or the “Company”), a leading vertically-integrated manufacturer of cannabis-based medicines located in Germany, is pleased to announce the signing of three long-term supply and distribution agreements. Avextra has signed distribution agreements with two leading Swiss pharmaceutical partners and one Austrian pharmaceutical distribution partner. Under the terms of the agreements, Avextra will supply its purified API Dronabinol as well as standardized cannabis extracts manufactured in its GMP facility in Germany to both Switzerland and Austria. With the necessary import permits and licenses in place, Avextra is currently executing the first export of its cannabis-based medicines into both markets, marking an important milestone in the company's European growth strategy.
Switzerland has become a spotlight market in Europe for cannabis-based medicines, with a well-established federally regulated medical cannabis access regime that continues to experience exponential growth – particularly in the extract segment. With a population of over 8 million and a large healthcare industry presence, Switzerland is one of the most innovation-friendly healthcare markets in Europe. Its regulators have been gathering experience with cannabinoid therapies for many years and the country’s pragmatic approach to medical cannabis access makes it an influential market in the international context.
With a slightly more conservative approach to medical cannabis access in Austria, the country has seen steady patient growth over the past five years and is now home to one of the largest populations of cannabis patients in Europe.
"We are delighted to have signed these distribution agreements with some of the most respected importers in two of the fastest growing medical markets in Europe," said Dr. Bernhard Babel, CEO of Avextra. "Switzerland and Austria are important markets for our European expansion given that regulations in both countries continue to expand access for patients and new pharmaceutical distributors begin importing. Switzerland offers a unique opportunity for us to gather important insights, understand patient needs and engage with leading clinicians and regulatory bodies. Austria’s focus on licensed medicines and dronabinol falls squarely within Avextra’s expertise of providing evidence-based cannabis extracts and APIs."
The latest exports to Switzerland and Austria mark the third and fourth successful exports into EU growth markets for Avextra this year. With its established business in Germany and Portugal combined with growing export activities into the UK and Italy, Avextra’s cannabis-based medicines are now present in six European markets demonstrating the continued success of the Company’s distribution strategy.
About Avextra AG
Avextra is one of Europe’s leading vertically integrated medical cannabis companies. Avextra is focused on the development of regulator-approved registered cannabis-based medicines and the sale of precisely formulated products into federally regulated cannabis access schemes across Europe. Founded in 2019, Avextra controls the entire value chain – from cultivation in Portugal to EU-GMP certified extraction and manufacturing in Germany and a world class clinical development program. Avextra operates across continental Europe through an expansive distribution network of multiple channels and strategically developed assets for these key markets.
Learn more at avextra.com and stay up to date at LinkedIn: LinkedIn.com/company/avextra-ag/
Avextra Investor Relations:
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Email: investors@avextra.com
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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 authorizations 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.
