Seed Innovations Limited Investee Company Update: Avextra

TIDMSEED

Seed Innovations Limited

17 May 2023

17 May 2023

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Avextra AG Successfully Exporting Medical Cannabis Extracts to Italy

SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and industry-leading businesses with a focus on the medical cannabis, health, and wellness space, is pleased to note an announcement released by its portfolio company, Avextra AG ('Avextra'), a German-based, European vertically integrated medical cannabis company.

SEED's holding in Avextra (formerly Eurox Group) on a fully diluted basis totals approximately 6.6 per cent was valued as at 30 September 2022 at GBP4.4m.

Alfredo Pascual Vice President of Investment Analysis, commented : "Avextra's successful export of standardized cannabis extracts to Italy marks a significant milestone in Avextra's expansion strategy. Avextra being one of a handful of approved companies to export cannabis extract into Italy is a testament to Avextra's commitment to the quality and effectiveness of its products.

"We believe that Avextra is well-positioned to tap into the growing medical cannabis therapies market in Italy and beyond and we are excited to witness Avextra's continued success and contribution to the European cannabis market."

The following extract from the announcement is set out without material changes or adjustments and the announcement in full can be accessed from the following link: https://www.globenewswire.com/en/search/organization/Avextra%2520AG

Start of Avextra AG announcement:

Avextra Continues its European Expansion , Successfully Exporting Medical Cannabis Extracts to Italy

News Release

-- Avextra has successfully exported EU-GMP standardised cannabis extracts manufactured at its German facility to its distribution partner in Italy

-- Avextra extracts are the first Made in Germany products to serve significant unmet patient needs for oil-based cannabis medicines in Italy

-- Italy is one of Europe's largest and fastest growing markets for extract-based cannabinoid therapy. Avextra has a significant advantage with its focus on EU-GMP standarised extracts

-- Exports into Italy increases Avextra's European footprint and validates the company's extract focused business strategy

Bensheim, HE, Germany, 17 May 2023 - Avextra AG ("Avextra" or the "Company"), Avextra AG ("Avextra" or the "Company"), a leading vertically-integrated manufacturer of cannabis-based medicines located in Germany, is pleased to announce the successful export of its standardised cannabis extracts to Italy. This is a significant achievement for the company as it continues to expand into new high-growth medical markets and demonstrates continued execution capability across its European distribution platform.

Italy is a key market for Avextra, with the second-largest patient population for cannabis-based medicines in the European Union ("EU"). The successful export of Avextra's products to Italy is a testament to the quality and effectiveness of its cannabis-based medicines, and the company's commitment to meeting the needs of patients and healthcare professionals across Europe.

Avextra is one of only three companies approved to import cannabis medicines into the country. In Italy over 70% of the market for cannabis-based medicines is extracts and Avextra is the first medical cannabis/pharmaceutical company to register and launch a balanced extract in Italy, by far the most sought-after potency for domestic patients.

Avextra's Co-CEO Dr. Bernhard Babel comments, "We have had extensive discussions with Italian doctors and pharmacies and see a clear need for standardised extracts in Italy. Our Italian team have regularly participated in scientific conferences and built relationships with leading researchers and clinicians and see strong potential for medical cannabis therapies to grow and develop in Italy."

Avextra's state-of-the-art manufacturing facility in Germany adheres to strict European Union regulations, ensuring that all products meet the standards for quality and safety that EU regulators have set. This commitment to excellence has enabled the company to establish itself as a trusted European manufacturer, with a solid reputation for producing innovative, effective, and proprietary cannabinoid-based medicines. This latest export to Italy opens up another significant market and demonstrates continued success of the Company's European distribution platform.

End of Avextra AG announcement

- Ends -

For further information on the Company please visit: www.seedinnovations.co or contact:

 
Ed McDermott       SEED Innovations Ltd       E: [e-mail] 
 Lance de Jersey 
James Biddle       Beaumont Cornish Limited,  T: (0)20 7628 3396 
 Roland Cornish     Nomad 
                   -------------------------  ------------------------------ 
Isabella Pierre    Shard Capital Partners     T: (0)20 7186 9927 
 Damon Heath        LLP 
                    Broker 
                   -------------------------  ------------------------------ 
Catherine Leftley  St Brides Partners Ltd,    E: [e-mail] 
 Isabelle Morris    Financial PR 
 Max Bennett 
                   -------------------------  ------------------------------ 
 

Notes

Seed Innovations Ltd

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

About Avextra AG

Avextra is one of Europe's leading vertically integrated suppliers of high-quality cannabis-based medicines. Founded in 2019 and based out of Germany, the company focuses on the production of 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 assets strategically developed for these key markets.

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May 17, 2023 07:50 ET (11:50 GMT)