French biotechnology company Overseed has raised 6.7 million euros, becoming the first company in France to produce 100% medical cannabis medicines. Within a strict pharmaceutical regulatory framework, France is preparing to authorize the use of medical cannabis and health insurance coverage in January 2025. Against this backdrop, Overseed Biotechnology, which specializes in the agricultural research and development of medicines derived from the cannabis plant, announced a funding round of 6.7 million euros after raising 2.5 million euros in a seed round in 2022.
The round was raised by Anthony Bourbon’s Blast.Club and the Centre-Val de Loire Region Seed Capital Fund managed by UI Investissement, which supports young innovative companies in the region with the support of the European Union (Federfund).
Since its founding in 2021, Overseed has received France’s first research and development authorisation for the Cannabis sativa L. plant and is a founding member of Santé France Cannabis, France’s association of medical cannabis companies. Since then, the start-up, based in France’s Centre region, has accomplished a research programme that includes variety selection, production of pharmaceutical-quality active ingredients and the ongoing development of medicinal products.
At the same time, the company built a network of supplier partners who are experts in their fields: Stanipharm, responsible for extracting and formulating the active ingredients, and the Pharm&Beauty group, responsible for manufacturing the finished medicines delivered to patients. In time, Overseed will gain market authorization for its medicines, ensuring the safety of its “best-in-class” products.
The combination of investment and the best French expertise allows for competitive production as close as possible to patients. 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 the CNRS/CBM (Center for Molecular Biology) and Orléans University Hospital for preclinical and clinical studies already underway, which will allow the company to explore the possibility of expanding its indications to other disease conditions and demonstrate efficacy.
The company is in a position to offer finished and packaged products. At the moment, Overseed has chosen to focus on three oral products. These medicines will be brought to market in partnership with well-known French pharmaceutical companies with distribution capabilities in France and, in the future, Europe.
“In the French market, we are 2-3 years ahead in terms of manufacturing expertise and are ready to offer high quality and mass production from day one. This funding is our final sprint to market entry. We hope that the authorities will facilitate a fast evaluation of our case, allowing us to enter the market as soon as possible,” commented Hugues Périvers, CEO and Founder of Overseed.
