GreenLight Medicines, a pharmaceutical startup based in Ireland, has secured funding from a group of private Irish investors to create “breakthrough” medicines with cannabis extracts, as reported by The Irish Times.
GreenLight’s phase-two funding of €500,000, or $558,765, was preceded by an initial €100,000 in seed funding. The company will use this latest infusion of capital to move forward with its research in advancing, developing and licensing proprietary cannabinoid medicines.
“Clinical trials are generally five years in duration, costing in the region of €7-€10 million per drug, therefore seed and phase-two investment has been essential in driving GreenLight’s vision forward,” said Patrick Deasy, GreenLight’s chief financial officer.
As a means of developing its research studies at universities in Ireland, GreenLight also secured €1.25 million in CBD hemp oil products over a five-year period from Isodiol, a Swiss-American firm that manufactures and processes hemp oil on an industrial scale.
As interest in the medical potential of CBD continues to grow, GreenLight has plans to grow with it.
“In early 2017, we will be conducting our third call for investment funding and, due to the heightened awareness in cannabinoid benefits and research, we’ve already received a great deal of interest from additional investors,” Deasy said.