* Avextra, the leading European vertically-integrated manufacturer and
developer of cannabis-based medicines is expanding its pharmaceutical
development capabilities.
* Behind SynQube GmbH are the two pioneers of cannabis medicine and founders
of THC Pharm GmbH, Christian Steup and Holger Rönitz, with more than 25
years of experience with cannabinoids and psychotropic substances.
* Together, Avextra and SynQube share a wealth of experience and are ideally
positioned to pursue joint drug development to significantly improved care
of critically ill patients with effective, safe and regulator approved
medicines.
* SynQube will work with Avextra to develop an innovative and safe
manufacturing process.
BENSHEIM, Germany, June 20, 2024 (GLOBE NEWSWIRE) -- The leading European
manufacturer and developer of Cannabis-based medicines Avextra AG ("Avextra"),
is proud to announce a strategic partnership in drug development with SynQube
GmbH based in Offenbach, Germany. SynQube GmbH is led by the founders of THC
Pharm Christian Steup and Holger Rönitz, both pioneers in cannabinoid therapy in
Europe with over 25 years of experience in pharmaceutical development and
manufacturing of cannabinoid and other psychotropic substances.
THC Pharm, which emerged from a German patient initiative, was the first company
to manufacture and distribute the active ingredient dronabinol
(tetrahydrocannabinol, THC) on the continent and was a dominant player until its
acquisition as part of the C3 consortium by Canopy Growth in 2019. Under the
leadership of SycQube's Managing Director Marc Zeplichal and other former THC
Pharm colleagues, the two companies have created a joint platform in Offenbach,
Germany where the synthesis of decades of experience and expertise can flow into
joint drug development.
Together, Avextra and SynQube share a unique wealth of Cannabinoid experience
and are ideally positioned to now accelerate innovative and high-quality drug
development to address the significant unmet patient need with effective, safe
and regulatory approved medicines. The strategic partnership is also structured
for the long term in such a way that it can be underpinned by a reciprocal
equity investment in the future. Within this partnership, Avextra will support a
multi-center clinical trial at five sites in the EU with a psilocybin-based
compound as an industry partner from 2025.
"We are delighted to be working with true pioneers of cannabinoid therapy and
that Christian Steup, Holger Rönitz and the whole SynQube team will be part of
Avextra's clinical journey. This strategic partnership with SynQube also
underscores our ability to execute our two-pillar strategy across six European
markets," commented Dr. Bernhard Babel, CEO of Avextra AG.
"We see the legalisation of cannabis as an opportunity to redouble our focus on
the therapy forms which meet reimbursement requirements to best serve seriously
ill patients," said Holger Rönitz, COO at SynQube. "In recent years the medical
cannabis space became clouded with recreational and more commercially driven
interests. This hampered pharmaceutical development and created barriers to
reimbursement. The partnership with Avextra enables us to transform our know-how
in cannabinoids and other psychotropic substances into pharmaceutical
development."
Avextra's Supervisory Board Chairman Dr. Arno Gerken, added, "The partnership
with SynQube represents a huge step forward for Avextra towards the development
and distribution of our pharmaceutical products not only because of the
remarkable skills of the joint team, but also because of the compatibility of
the two corporate cultures with their clear dedication to addressing unmet
patient need."
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 (https://avextra.com/) and stay up to date at
LinkedIn: LinkedIn.com/company/avextra-ag/
(https://www.linkedin.com/company/avextra-ag/)
Avextra Investor Relations:
For further information, please contact our Investor Relations Team:
Email: investors@avextra.com (mailto:investors@avextra.com)
Avextra Media Enquiries:
For media enquiries or to set up an interview please contact:
Email: press@avextra.com (mailto:press@avextra.com)
Phone: +49 30 408174037
SynQube: Holger Rönitz, Chief Operating Officer
Phone: +49 151 16204979
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.
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