German medical cannabis company Avextra closed a funding round totaling more than 20 million euros ($21.5 million).
The Bensheim, Germany-based business said in a Wednesday news release that the funding round was comprised of equity instruments and convertible loan notes, all of which have been converted into common shares, giving the company a valuation of 100 million euros.
Avextra is a vertically integrated manufacturer and developer of pharmaceutical-grade, cannabis-based medicines.
The privately owned company said the funding will accelerate clinical trials for certain medical cannabis treatments and help to expand its European distribution channels.
“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,” Avextra CEO Bernhard Babel said in a statement.
“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.”
Avextra said it controls the entire value chain, starting from cultivation in Portugal to European Union-Good Manufacturing Practice-certified extraction and manufacturing in Germany.
