Eurox Group raises €4.4M at a significant premium enabling targeted investment – Portuguese Iberis Capital becomes a new institutional investor
- €4.4 million in new capital raised by EUROX
- Eurox welcomes a new institutional investor Iberis, a leading Portuguese private equity manager with €2 million of new capital to underscore its commitment to its investment in Portugal as a botanical and pharmaceutical research and innovation center in Europe
- EUROX is well-capitalised for completion of its state-of-the-art Portuguese facility
- With the confidence of its investors in its strategy, EUROX is poised to further accelerate its unique pharmaceutical product development pipeline to secure its position over the long term
Berlin, Germany – As one of the leading European vertically-integrated companies developing and manufacturing cannabis based medicines, Eurox Group, based in Hesse, Germany, has successfully fundraised €4,4 Million from new and existing investors at an approximate 62% premium to its July 2021 fundraise. €2 million has been subscribed by a new institutional investor, Iberis Bluetech Fund, a fund managed by Iberis Capital (“Iberis”), a leading private equity manager in Portugal with over €250 million of assets under management. Iberis’ investment is by way of a secured convertible loan note (‘CLN’) and marks its first investment into the medical cannabis sector. The addition of Iberis as an institutional investor emphasizes the critical role that Portugal plays in Eurox’ business strategy as well as its commitment to pharmaceutical development.
Bernhard Babel, Co-CEO of EUROX, 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.”
In August of 2021 Eurox began distribution of the first Made in Germany standardised cannabis extracts and APIs in the German market. In the short time since launch, investor confidence in Eurox has grown as the company successively expands its sales and distribution channels to achieve a solid market position while maintaining a clear focus on innovation and product development and delivering cost efficiency. We expect to see revenues increase and the development pipeline grow.
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.”
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About Eurox Pharma GmbH
Eurox Group, based in Germany with production facilities in Bensheim, Hesse, is one of Europe's leading suppliers of high-quality medical cannabis products. The company was founded in 2019. Its focus is on the production of prescription cannabis extracts. At Eurox, the entire value chain is in one hand - from cultivation of the plants in Portugal to processing in Germany. To ensure the efficacy and quality of its products, the company invests a third of its budget in research and development. Eurox also works closely with the Institute of Pharmaceutical Biology at the University of Frankfurt. Eurox maintains an exclusive, long-term contract and manufacturing agreement for cannabis products with Dr. Reckeweg & Co. GmbH. The EU-GMP certified German pharmaceutical company has over 75 years of experience in manufacturing plant-based medicines.
About Iberis Capital: Iberis Capital is a Portuguese private equity fund manager founded in 2017. Iberis operates in three investment areas: Innovation & Technology, Growth & Buyout and Yielding Investments. Currently Iberis Capital has over €250M AuM and a diversified investor base, with more than 500 investors. Since its inception, Iberis Capital funds have demonstrated solid performances, generating attractive returns for the institutional, corporate and private investors that trust Iberis their investments.
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