Orchid Ventures Announces Partnership with Eurox Pharma GmbH on Submission to German Authorities for Medical Device Approval
Orchid Ventures (CSE:ORCD, OTC PINK:ORVRF) entered an exclusive agreement with Eurox Pharma GmbH for the submission of a vaporizer device for Medical Device Approval in Germany. Collaborating with Eurox and their OEM supplier, PurTec, the companies will conduct safety studies to validate the device's efficacy. Once approved, Eurox will have exclusive rights to sell and distribute the product in the EU, UK, and Brazil. This partnership marks PurTec's first international project, enhancing Orchid's market position in the competitive European medical cannabis landscape.
- Exclusive agreement with Eurox Pharma enhances market reach in Europe.
- Collaboration aims for medical device approval, boosting product credibility.
- Potential first-mover advantage in vaporizer market across EU and Brazil.
- Dependence on regulatory approval processes may cause delays.
- Uncertain outcomes from safety studies could jeopardize approval.
VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD) (OTC PINK:ORVRF), a multi-state cannabis innovation company, today announced it has entered into an exclusive agreement with Eurox Pharma GmbH ("EUROX"), Germany based pharmaceutical company. Under the terms of the agreement, Eurox, PurTec, and JWEI, the Company's OEM supplier and partner, will submit one of PurTec's premium disposable vaporizer devices to authorities in Germany for Medical Device Approval. All three companies will be working in collaboration on several requirements and safety studies to prove the efficacy and safety of the device. The companies have already begun securing various certifications to speed up the approval process. Once the device is approved, Eurox will have exclusivity regarding sales and distribution of the PurTec product in the European Union, United Kingdom and Brazil.
The agreement marks PurTec's first project in Europe and Internationally.
"After months of planning and strategizing, we are pleased to announce our partnership with such an established group in Eurox." said Corey Mangold, Founder, CEO and Chairman of Orchid. "We're thrilled to join forces with Eurox and to be submitting one of our most stringently tested vaping products for Medical Device Approval with German health authorities. Once the product is accepted, this will be a huge step forward in our ability to deliver one of the first vaping products to patients and consumers in Germany along with several other European countries. We are confident that with the combined experience and expertise of Eurox and JWEI, we will succeed in getting approval and be among one of the first vaporizer products in-market and available to consumers throughout the EU."
"We are excited about this partnership. We believe that PurTec and JEWI will be valuable, long term partners that can help us expand access to relevant and exciting new products that will compliment our portfolio and advance our growth trajectory. Our objective is to deliver with liquid vaping a controlled and consistent therapy form to patients with need for inhaling in Europe and beyond," said Dr. Bernhard Babel, Co-CEO of Eurox Pharma GmbH.
ABOUT EUROX PHARMA GmbH
Eurox is a German-based, European vertically integrated medical cannabis company, with
- German subsidiaries responsible for product development & drug development & holding Intellectual Property,
- A cultivation facility in Portugal to secure supply independence,
- GMP production in a German GMP manufacturing facility together with a German pharmaceutical partner,
- A significant minority ownership in a UK registered medical cannabis clinic,
- Strong distribution capabilities with its own sales team and various high caliber distribution partnerships in Germany, other European countries and Latam.
ABOUT ORCHID VENTURES
Orchid Ventures is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
CEO and Chairman
investors@orchidventures.com
Investor Relations
Corey Mangold
949-357-5818
corey@orchidventures.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Orchid Ventures, Inc. and Orchid Essentials any of its affiliates or subsidiaries (collectively, the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's Canadian securities regulatory filings with sedar.com, Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's Canadian securities regulatory filings with sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Orchid Ventures, Inc.
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