SEED Innovations Ltd (AIM:SEED, OTC:FFRIF)'s portfolio company Eurox Group signed an exclusive deal with Orchid Ventures Inc. (CSE:ORCD) to apply for approval for a medical vaporiser device in Germany.
Under the deal, Eurox and Orchid Ventures’ OEM supplier PurTec and partner JWEI, will submit one of PurTec's disposable vaporiser devices to authorities in Germany for Medical Device Approval, Orchid said in a statement.
SEED has an 8.85% shareholding in medical cannabis company Eurox.
Eurox, PurTec, and JWEI will work in collaboration on several requirements and safety studies to prove the efficacy and safety of the device, the statement said.
Upon approval, Eurox will have exclusive rights regarding sales and distribution of the vaporiser in the EU, UK and Brazil.
READ: SEED Innovations portfolio company Eurox launches pain treatment in Germany
Corey Mangold, founder, CEO and chairman of Orchid, said: "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 vaporiser products in-market and available to consumers throughout the EU."
“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 complement our portfolio and advance our growth trajectory,” added Dr. Bernhard Babel, co-CEO of Eurox Pharma GmbH.
”Our objective is to deliver with liquid vaping a controlled and consistent therapy form to patients with need for inhaling in Europe and beyond."
Orchid Ventures is a California-based cannabis innovation company. Orchid owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware.