Global pharmaceutical company Panaxia Labs Israel Ltd has signed an agreement with German-based AxioNovo GmbH that will see the company bring its medical cannabis products into Germany.
Specialising in developing, manufacturing and marketing progressive, pharmaceutical-grade medical cannabis products, pharma company Panaxia has entered into an agreement with oncology specialist AxioNovo for the marketing, sale and distribution of a new series of medical cannabis products.
Supporting German cancer patients
The products will have a unique formulation which has been designed and used in Israel for oncology patients for cancer pain, loss of appetite and other side effects related to cancer treatments. Characterised by designated formulations and new extracts, the development of the products was based on more than a decade’s worth of clinical data and Panaxia’s experience in treating cancer patients.
The five-year agreement, during which Panaxia will be responsible for manufacturing the products under EU-GMP standards, will see the products registered according to regulatory requirements in Germany.
AxioNovo will head the marketing, sale and distribution of the products to cancer patients through direct purchase in pharmacies, following prescriptions from oncologists at cancer specialised clinics in Germany.
Dr Dadi Segal, CEO of Panaxia Israel: “We welcome the agreement with AxioNovo GmbH and we are proud of this vote of confidence from a specialised German pharma company in the field of Oncology, which has chosen Panaxia as a strategic partner to make advanced and innovative medical cannabis-based treatments accessible to patients all over Germany, as well as our collaboration with Neuraxpharm on CNS. This is a significant step in recognising our contribution and fulfilling our potential within the largest market in Europe.”
Udo Wieners, CEO of AxioNovo GmbH, added: “As part of PharmaMed Group, we offer various services and products in the field of oncology in Germany. We look forward to launching the Naxiva Panaxol Onko product line in partnership with Panaxia as a part of our already existing portfolio for cancer patients and believe that this is an excellent extension of our holistic approach to treatment.”
First sales of the products in Germany are expected in the third quarter of 2021, subject to obtaining a regulatory approval from the German authorities for marketing and distribution.
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