Panaxia, a subsidiary of the Segal Pharma Group which is owned by the Segal family and founded over forty years ago, has just become the first Israeli company to receive a marketing permit for medical cannabis products in Germany.
The company, which manufactures over 600 different pharmaceutical products that are distributed in over 40 countries worldwide, will sell its products in Germany under the brand name Naxiva -Panaxol.
As per a press release from the company, the Naxiva-Panaxol product line is produced by Panaxia according to EU-GMP, with strict medical and scientific standards, high quality and a fixed dose of active substances in each type of product.
Winning the permit follows a rigorous and complex 8-month review process of its products and the production facility by German health authorities.
The launch and initial sales of the products offered by Panaxia and its partner, the European pharmaceutical company Neuraxpharm, are expected by the end of 2020, subject to receipt of an export permit.
“Completion of registration and receipt of the marketing permit for Panaxia’s products in Germany are an unprecedented regulatory achievement for an Israeli company and, among other things, reflect Panaxia’s regulatory and commercial strengths. This is the final milestone before receipt of an export permit, which brings us tangibly closer to the German market, and we are excited to make quality medical cannabis products, at strict scientific and medical standards, available to patients in this market,” said Dr. Dadi Segal, Founder and CEO of Panaxia.
Germany is Europe’s largest and fastest-growing cannabis market.
The approval permits Neuraxpharm, Panaxia’s strategic partner, to market the products in Germany to physicians who are authorized to issue patients prescriptions for medical cannabis products for treatment of a large number of diseases such as fibromyalgia, PTSD, chronic pain, cancer, and more.
Panaxia Labs Israel, Ltd. is the largest Israeli manufacturer and home-delivery distributor of medical cannabis products, and the first to have received the approval of the Israeli Ministry of Health for the manufacturing of medicinal cannabis-based pharmaceuticals (under the IMC-GMP directive) as well as EU-GMP standard certification required for commercial production and export of medical cannabis and its products to Europe. The company manufactures over 30 hemp-based medicinal products and has accumulated a broad foundation of clinical experience based on tens of thousands of patients.