French biotech Overseed has raised €6.7M to become first French manufacturer of 100% medical cannabis medicines. Within a strict pharmaceutical framework, France is preparing to authorize the use and health insurance coverage of medical cannabis in January 2025. In this context, Overseed Biotech, which specializes in agronomic research and the development of medicines derived from the cannabis plant, has announced a €6.7 million fundraising, following a €2.5M seed round in 2022.
This round has been secured from Anthony Bourbon's Blast.Club and the seed capital fund of the Centre-Val de Loire region, managed by UI Investissement, which supports young innovative companies in the region with the support of the European Union (Feder funds).
Since 2021, the year of its creation, Overseed has been a founding member of Santé France Cannabis, the French association of medical cannabis players, by obtaining the 1st French R&D authorization for the Cannabis sativa L. plant. Since then, the start-up based in the Centre region of France has achieved its research program, including varietal selection, pharmaceutical-quality production of active ingredients and ongoing development of its medicines.
At the same time, the company has built up a network of supplier partners who are experts in their fields: Stanipharm for the extraction and formulation of active ingredients, and the Pharm&Beauty group for the production of finished pharmaceutical products to be delivered to patients. In time, Overseed will hold the go to market authorization for the drugs, guaranteeing the safety of "Best in Class" products.
The investments made and the combination of the best French expertise will enable highly competitive production, as close as possible to patients. This 100% French industry will guarantee the national sovereignty of medical cannabis and security of supply for patients.
Overseed has also entered into a three-way collaboration with the CNRS/CBM (Molecular Biology Center) and the University Hospital of Orléans for preclinical and clinical work already in progress. These will enable us to study the extension of indications to other pathologies, and to demonstrate efficacy.
The company will be in a position to offer finished and packaged products. For the moment, Overseed has chosen to concentrate on a range of 3 oral products. These medicines will be put on the market in collaboration with a renowned French pharmaceutical company with distribution capacity in France and potentially Europe.
“On the French market, we are 2 to 3 years ahead in terms of manufacturing expertise, and will be ready to offer high-quality, high-volume production from day 1. This financing is the final sprint to market access. We are counting on the interest of the authorities to facilitate a rapid assessment of our case, so that we can get to market as quickly as possible” commented Hugues Péribère, CEO and founder of Overseed.
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