- Avextra announces the closing of its most recent funding round at a valuation of EUR 100 million, concluding a significant raise over the last 18 months, comprised of Equity instruments and Convertible Loan Notes (CLNs) totalling above EUR 20 million, all of which have now been full converted into common shares.
- Funding came from existing investors, Company insiders as well as new institutional investors.
- The funding will support Avextra’s continued expansion of its European distribution channels and accelerate clinical trials to create new evidence-based treatment options for specific indications.
BENSHEIM, Germany, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Avextra AG (“Avextra” or the “Company”), a leading European vertically-integrated manufacturer and developer of pharmaceutical cannabis-based medicines (CBMs) located in Germany, is proud to announce the closing of its most recent capital raise with support from existing investors, strategic partners and new institutional investors. The funding will support Avextra’s continued expansion of its European distribution channels and accelerate clinical trials to create new evidence-based treatment options for specific indications.
This recent funding round will also help accelerate Avextra’s development of new CBMs and IP. Avextra will launch the next phase of patient studies and clinical trials with proprietary products in specific indications.
“The continued support from our existing shareholders along with the participation of new institutional investors and strategic partners in this most recent capital raise, in the midst of the current market environment, is a testament to the differentiation of Avextra’s asset base, IP portfolio and operating strategy,” said Dr. Bernhard Babel, CEO of Avextra AG. “This latest funding round will continue to support the Company as we execute on our two-pillar strategy and continue to deliver results for our shareholders.”
The European medical cannabis market is projected to reach over EUR 20 billion in sales by 2030 based on the current growth rate of 25-30% per year, 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 medical cannabis operators focused on the development and production of regulator-approved medicines. Founded in 2019 and based out of Germany, the company works in close collaboration with doctors and pharmacists to develop and produce precisely formulated cannabis-based medicines. Avextra controls the entire value chain – from cultivation in Portugal to EU-GMP certified extraction and manufacturing in Germany. 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:
For further information, please contact our Investor Relations Team:
Email: investors@avextra.com
Avextra Media Enquiries:
For media enquiries or to set up an interview please contact:
Email: press@avextra.com
Phone: +49 30 408174037
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.
