Eurox Group has raised €4.4M in funding, with Portugal-based Iberis Capital becoming a new institutional investor – its first investment in medical cannabis.
Eurox has welcomed new capital that will underscore its commitment to its investment in Portugal as a botanical and pharmaceutical research and innovation centre in Europe. The Group has successfully fundraised €4.4m from new and existing investors at an approximate 62% premium to its July 2021 fundraise.
€2m of the funding has been subscribed by new institutional investor, Iberis Bluetech Fund, a fund managed by Iberis Capital, a leading private equity manager in Portugal with over €250m of assets under management.
Read more: Materia enters agreement with Eurox for cannabis extract distribution
Eurox, based in Hesse, Germany, has staid it is now well-capitalised for the completion of its state-of-the-art Portuguese facility.
Co-CEO of Eurox, Bernhard Babel, commented: “We are delighted to have achieved this milestone and to welcome Iberis Capital to our circle of investors.
“This will enable us to intensify our product development pathway and to guarantee patients with unmet medical need the highest European quality standards along the entire value chain.
“We at Eurox look forward to completing our Portuguese facility and engaging with the innovative research community there to expand our product portfolio of independently tested and regulator-approved cannabis-based medicines.”
Iberis’ investment is by way of a secured convertible loan note and marks its first investment into the medical cannabis sector, and Eurox has stated that the addition of Iberis as an institutional investor emphasises the critical role that Portugal plays in Eurox’ business strategy, as well as its commitment to pharmaceutical development.
Luís Quaresma, Partner at Iberis Capital commented: “It is a pleasure to support Eurox in the development of research & development capacity at their Portuguese operation. This includes exciting new areas such as plant genetics research, product extraction processes and molecular and biological applications. We look forward to participating in the project of establishing Eurox as a European leader in cannabis-based medicines.”
In 2021 Eurox began distribution of the first “Made in Germany” standardised cannabis extracts and APIs in the German market. Eurox will now further accelerate its pharmaceutical product development pipeline to secure its position over the long term.
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