Within a strict pharmaceutical framework, France is preparing to authorize medical cannabis use and health insurance coverage in January 2025. In this context, Orléans-based Overseed Biotech, which specializes in agricultural research and the development of medicines derived from the cannabis plant, has raised 670 million euros in Series A following a 2.5 million euro seed round in 2022. Announced funding of 1 million euros.
The round is a seed capital investment in the Center Val de Loire region managed by Anthony Bourbon's Blast.Club and UI Investissement, which supports young innovative companies in the region with the support of the European Union (Federfunds). We secured funding from the fund.
Since 2021, the year of its creation, Overseed has taken the lead as a founding member of the French medical cannabis player association, Santé France Cannabis, and obtained France's first R&D authorization for the Cannabis sativa L. plant. I did. Since then, the start-up company, based in the Center region of France, has achieved a research program that includes variety selection, production of pharmaceutical quality active ingredients and continued drug development.
At the same time, the company has built a network of supplier partners who are experts in their fields. Stanipharm will be responsible for the extraction and formulation of the active ingredients, and the Farm & Beauty Group will be responsible for manufacturing the final medicines delivered to patients. In time, Overseed will receive approval to bring the drug to market and ensure the safety of its “best-in-class” product.
“In the French market, we are two to three years ahead in terms of manufacturing expertise and are ready to offer high quality and high volume production from day one. This funding is our final step towards market access. ”We look forward to the authorities facilitating a rapid evaluation so that we can get to market as quickly as possible,” said Hugues Peribert, CEO and Founder of Overseed. I did.
The investments made, combined with the best French expertise, will enable competitive production as close to the patients as possible. This 100% French industry guarantees national sovereignty of medical cannabis and security of supply to patients.
Overseed has also entered into a tripartite collaboration with CNRS/CBM (Center for Molecular Biology) and Orleans University Hospital with preclinical and clinical studies already underway. These will make it possible to study expansion of indications to other pathologies and demonstrate efficacy.
The company will be in a position to provide finished packaged products. For now, Overseed has chosen to focus on three oral products. These medicines will be launched in partnership with a well-known French pharmaceutical company with distribution capabilities in France and, in the future, Europe.
Anthony Bourbon, Founder of Blast.Club, said: “Overseed's scientific rigor and market sensitivity make it an innovative company with all the tools to become a market leader in the years to come. He has become a great player.”
Overseed has ultra-modern equipment and is already capable of producing medicines. Our team of approximately 20 experienced employees and consultants combines expertise in genetics, agronomy, natural materials chemistry, pharmaceuticals, regulatory affairs, and market access. This team will be reinforced soon.
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