Avextra AG and SynQube GmbH announce a Strategic Partnership in Drug Development with Cannabinoids and other Psychotropic Substances
June 20 2024 - 1:00AM
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 SynQube’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 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.comPhone: +49 30
408174037
SynQube: Holger Rönitz, Chief Operating
OfficerPhone: +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.