FastForward invests in EMMAC Life Sciences – FastForward Innovations Limited has subscribed for 6,666,667 new shares in EMMAC Life Sciences at a price of GBP0.30 per share for total consideration of GBP2 million. The deal was part of a GBP11 million funding round completed by EMMAC), bringing the total funds raised by EMMAC at GBP0.30 to GBP17 million in the previous 3 months. The GBP2 million investment gives the company an approximate 2.6% interest in the issued shares of EMMAC.
The investment by FastForward is part of an over-subscribed placing, with participation from high net-worth and institutional investors in Europe, North America and Australia, including high-profile cannabis focused funds, industry partners and venture capital investors with a track-record investing in early stage cannabis companies.
EMMAC is a European independent medical cannabis company led by chief executive officer Antonio Costanzo, the former head of international development of Nuuvera Inc. EMMAC’s scientific team is led by chief scientific officer Ms Barbara Pacchetti. Ms Pacchetti has over 20 years’ experience in the pharmaceutical and nutraceutical space in Europe.
EMMAC has a partnership agreement with Imperial College, London, on a research collaboration to investigate mechanisms of action of cannabis-based medicinal products related to several clinical applications including pain and cancer, as well as characterising cannabis-based medicinal products in disease models with particular focus of chronic pain, spasticity and cancer.
EMMAC has recently completed the acquisitions of Medalchemy SA, a technology based research and manufacturing company with GMP-certified laboratory facilities in Alicante, Spain, and the “Blossom” brand of CBD / Wellness products in Switzerland. In addition, EMMAC has been issued with a Letter of Intent from Malta Enterprise with regards to the construction of a GMP-certified laboratory facility in Malta licensed for importation, exportation, research, manufacturing and distribution of medical cannabis in Malta.
Proceeds from the 2019 funding round are to be used to complete further strategic acquisitions.
Further details regarding EMMAC and its business and operations are available at its website www.emmac.com.
Lorne Abony, FastForward’s chief executive officer: “The GBP2 million invested in EMMAC is FastForward’s second investment in a medical cannabis company in the last 18 months. As a Guernsey regulated fund, and investment company listed on AIM, great care is taken to ensure all stakeholders are happy with the timing of an investment, its size, and of course the quality and stage of development of the investee. With an investment in medical cannabis, these considerations are even more important and legal advice in multiple jurisdictions is required (significantly increasing the cost, complexity, and time to execution for any investment by the Company). It is not easy and very few companies fit the criteria – as demonstrated by the fact that this is only the second medical cannabis investment by FFWD (despite the Company looking extensively for suitable opportunities over the last 18 months), and the fact that no other AIM company has completed investments in the sector during this period.
I and my fellow Directors believe EMMAC has the potential to realise its vision to be the largest independent integrated medical cannabis company in Europe. It has an excellent management team – one of the best in the industry anywhere globally. Its scientific team and focus is perfectly aligned with the Company’s investment philosophy with investments be at the very cutting edge of new and innovative developments in life science, health and technology.”
FFWD : FastForward invests in EMMAC Life Sciences