Medicinal cannabis: Overseed raises 2.5 million euros



The race for therapeutic cannabis begins in France. Biotech Overseed, created in January 2021 in Orléans, announced on November 30 that it had received from the National Agency for Medicines Safety the first French approval authorizing it to begin a phase of genetic and agronomic R&D. To finance it until 2023, it is closing a fundraising of 2.5 million euros with business angels.

The purpose of this approval is to anticipate the end of the ANSM experiment on medical cannabis treatment carried out from March 2021 until 2023. It is used to alleviate pain and improve the quality of life of patients in five indications: neuropathies, epilepsy, chemotherapy, multiple sclerosis and palliative care. But the products used in this experiment are imported, the production of medical cannabis is still prohibited in France.

Pharmaceutical grade

“The objective is to be ready to market pharmaceutical quality products by 2023, the date of the end of the French experimentation and, we hope, of authorization for production and generalization of treatments”, Explain Hugues Peribere, agricultural engineer and president of Overseed. Concretely, the start-up will be able to initiate, in a technological greenhouse, a process of selection of cannabis sativa plants, to isolate certain varieties and clone them.

Pharmaceutical use indeed requires a very precise composition of certain molecules, such as the cannabinoids THC and CBD, as well as a great stability of the plant to guarantee the homogeneity of the seeds.

R&D will also focus on the transformation of cannabis flowers into treatments, in the form of dried flowers for inhalation or oils. “Above all, drying or extraction must not upset the composition of the product,” explains Hugues Péribère. For extraction, R&D will be subcontracted to a specialized laboratory, the name of which is not disclosed.

If Overseed is the first French company to obtain this authorization, it will certainly not be the last. “Many others have already filed, but we see them more as partners than competitors, given the potential size of the market. “, he believes. “The threat is rather from abroad, as many countries have legalized medical cannabis long before us and we have a backlog to catch up. “

Fundraising

Creation date : 2021
President : Hugues Peribere
Rising : 2.5 million euros
Effective : 5 people
Sector: Pharmacy

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