Tetra Pharm Technologies, a Danish Biotech company, secured €2M in its first round of funding led by Leafy Tunnel, a cannabis and psychedelics specialist European VC fund and other notable investors including Enexis, a Stockholm-based cannabis investment company.
Tetra Pharm Technologies, with production facilities in Copenhagen, develops and commercializes cannabinoid-based medicines to treat pain.
“We exist to improve the lives of patients and their families, by formulating efficient drugs, with a low side-effect profile, at a fair price,” Co-Founder and CEO Martin Rose stated.
With this investment, the company said it hopes to initiate clinical trials with a new drug candidate whilst also expanding its operations in Europe.
“We strongly believe that Tetra Pharm is a hidden gem in the European cannabis space, located in the Medicon Valley, one of the leading life science clusters in Europe. The founders have unparallel pharmaceutical expertise to deliver on their vision to build a biotech leader in cannabinoid formulations. The Leafy Tunnel team is aligned with the founders’ vision, and we look forward to seeing the company grow in the coming years,” Nikolay Tretiyakov and Bek Muslimov, Founding Partners at Leafy Tunnel, stated.
Tetra Pharm Technologies already closed several distribution deals across their main markets in Europe, but there a many more on their way, said Mr Rose. This is a perfect time for the company to grow with Prohibition Partners stating that the European market for Cannabinoid-based treatment is expected to reach €3.2B by 2025, with an exponential growth the coming years in a recent report.
“Developing and releasing therapeutics to support the growing demand for cannabinoid-based medicines is not only an opportunity for our growth, it’s also an opportunity for the millions of patients hoping to receive better drugs at a lower cost in the future,” Tetra Pharm Technologies Co-Founder, Jesper Breum said.
The company is expected to complete an expansion project in 2022, which will increase the company’s product output by 1000%. “It’s going to be an exciting year, with new facilities, clinical trials, and new products on the market. We are therefore really excited and grateful for the support from Leafy Tunnel and Enexis,” Martin Rose stated.