Avextra AG and SynQube GmbH announce a Strategic Partnership in Drug Development with Cannabinoids and other Psychotropic Substances

• 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 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

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.