Panaxia and Neuraxpharm to enter new medical cannabis markets in Europe

The two companies will expand their cooperation through the distribution of medical cannabis products in the very attractive Czech and Swiss markets

DUSSELDORF, Germany, Barcelona, ​​Spain and TEL AVIV, Israel, October 6, 2022 /PRNewswire/ — Neuraxpharm Group (Neuraxpharm), a leading European central nervous system (CNS) pharmaceutical company, and Panaxia (TASE: PNAX), a global pharmaceutical company that develops, manufactures and markets advanced pharmaceutical-grade medical cannabis products, today announced the signing of two amendments to their agreement to expand their collaboration in the Czech and Swiss.

The collaboration includes the marketing and distribution of advanced medical cannabis products, including cannabis extracts for inhalation, produced by Panaxia. This follows previous collaborations between the companies of Germany and France. The collaboration model will be similar to that of Germany with the common branding, Naxiva® PanaxolMT: Panaxia will manage the manufacturing of products, such as premium oils and extracts of pharmaceutical grade medical cannabis for inhalation based on clinical data, while Neuraxpharm will be responsible for the marketing, distribution and commercialization of the products in the Czech Republic and Swiss markets.

Doctor Dadi SegalCEO of Panaxia, said: “We are proud to extend our collaboration with our partner, Neuraxpharm, to the Czech Republic and Swisstwo of the most advanced countries in the Europe in terms of their medical cannabis policy. We are excited to make our advanced medical cannabis products available to patients in both countries and expand the range of products offered.

Dr Jörg-Thomas DierksCEO of Neuraxpharm, added: “We welcome the new agreement with Panaxia, which is an excellent opportunity to benefit from the strong growth of the Swiss and Czech medical cannabis markets. We are confident that together with our partner Panaxia we will be able to successfully exploit the potential of both markets in the future. »

This agreement strengthens the position of Neuraxpharm and Panaxia as key players in the European medical cannabis market, with the two companies planning to further extend the agreement to other countries.

In order to consolidate its activities and strengthen its position as one of the main European players in medical cannabis, Neuraxpharm has created a business unit at corporate level dedicated to medical cannabis and set up a dedicated sales force in Germany. To this end, Neuraxpharm has mandated Rita Barata as the new head of the business unit dedicated to medical cannabis for companies in order to accelerate the launch and stimulate its growth at European level. Rita Barata has more than 15 years of experience in the pharmaceutical industry and has a strong track record in driving business growth and innovation, both nationally and internationally in different companies. Before joining Neuraxpharm, she was Head of Marketing EMEA & Country Manager Iberia at Tilray.

Panaxia operates two EU-GMP facilities in Israel and Maltawhich allow the export of advanced medical cannabis products to most European countries.

First product sales in the Czech Republic and the availability of scientific information in Swiss are expected to begin by the end of 2022, subject to the completion of regulatory registrations from Czech and Swiss authorities for the distribution of medical cannabis products.

The medical cannabis market in Czech Republic1 The Czech Republic is one of the most advanced countries in Europe in terms of the size of the medical cannabis market. The steady increase in the number of patients, doctors and prescriptions issued over the past five years can be attributed to the assumption of the costs of medical cannabis by health insurance. According to a report published by SAKL, the Czech government agency for medical cannabis, prescriptions issued in the Czech Republic in 2021 increased by 37% compared to 2020. Medical cannabis is mainly prescribed to patients suffering from chronic pain (80% of patients), multiple sclerosis (12%) and Parkinson’s disease. The report also reveals that 61.8% of medical cannabis patients in the Czech Republic are women.

The medical cannabis market in Swiss2 Switzerland occupies a world leading position in the medical field. However, its medical cannabis market is still in its infancy. In 2021, according to official reports, there were approximately 3,000 patients licensed to use medical cannabis, although it is estimated that there are thousands more unlicensed. Recently, as part of a Swiss policy overhaul, access for patients has been significantly streamlined, allowing the local cannabis industry to thrive. From August 2022, patients can receive a prescription for medical cannabis without the need for a special license, as with other drugs. This should add thousands more patients to the legal and regulated medical cannabis market in the country.

About the Neuraxpharm Group
Neuraxpharm is a leading European pharmaceutical company specializing in the treatment of central nervous system (CNS) disorders with a direct presence in 19 countries. Backed by funds advised by Permira, Neuraxpharm has a unique understanding of the CNS market built over 35 years.

With a focus on the CNS, Neuraxpharm develops and markets established brands, value-added drugs, generics, consumer healthcare products, medical cannabis and solutions beyond the pill and continuously strives to to offer a wide range of effective, high quality and affordable CNS treatments. options in Europe.

Present with its products in more than 50 countries, Neuraxpharm also manufactures pharmaceutical products and active pharmaceutical ingredients in its own manufacturing sites in SpainLesvi and Inke.

For more information, please visit: https://www.neuraxpharm.com

About Panaxia Labs Israel
Panaxia Labs Israel Ltd., listed on the Tel Aviv Stock Exchange (TASE: PNAX), is a global pharmaceutical company that develops, manufactures and markets advanced pharmaceutical-grade medical cannabis products. In addition, Panaxia operates two EU-GMP approved factories in Israel and Malta, which allow the export of advanced medical cannabis products to most European countries. Panaxia’s products are developed based on solid clinical data and a large database of tens of thousands of patients.

Panaxia Israel is a subsidiary of Panaxia Pharmaceutical Industries, which was established in 2010 by Dr. Dadi Segaldr. Eran Goldberg and Adv. Assi Rotbartas the cannabis division of the Segal Pharma Group, which has been in operation for over four decades, producing over 600 different pharmaceutical products, available in over 40 countries.

For more information, please visit: https://www.panaxia.co.il

1Prohibition Partners, The European Cannabis Report, 7th edition; https://prohibitionpartners.com/2022/01/19/could-czech-republic-be-europes-most-progressive-medical-cannabis-market/

2Prohibition Partners, The European Cannabis Report, 7th Edition

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