Panaxia Labs Israel Ltd., a pharma company that specializes in developing, manufacturing and marketing progressive medical cannabis products and the German pharmaceutical company AxioNovo GmbH, specialized in the field of Oncology, announced the signing of an agreement. The agreement, a part of Panaxia's collaboration with Neuraxpharm, is for the marketing, sale and distribution of a new series of medical cannabis products, with a unique formulation, designed and being used in Israel for oncology patients. These formulations will be distributed in Germany as pharmaceutical intermediates for magistral preparations.

Dr. Dadi Segal, CEO of Panaxia Israel: "We welcome the agreement with AxioNovo GmbH and we are proud of this vote of confidence from a specialized German pharma company in the field of Oncology, which has chosen Panaxia as a strategic partner to make advanced and innovative medical cannabis-based treatments accessible to patients all over Germany, as well as our collaboration with Neuraxpharm on CNS. This is a significant step in recognizing our contribution and fulfilling our potential within the largest market in Europe".

Udo Wieners, CEO of AxioNovo GmbH:" As part of PharmaMed Group, we offer various services and products in the field of oncology in Germany. We look forward to launching the Naxiva Panaxol Onko product line in partnership with Panaxia as a part of our already existing portfolio for cancer patients and believe that this is an excellent extension of our holistic approach to treatment."

The agreement was signed for 5 years, during which Panaxia will be responsible for manufacturing the products under the European standard (EU-GMP), and their registration according to regulatory requirements in Germany. AxioNovo GmbH will be in charge of marketing, sale and distribution of medical cannabis-based products by Panaxia to cancer patients through direct purchase in pharmacies, following prescriptions from oncologists at cancer specialized clinics in Germany. These products are designed and currently being used in Israel for various medical indications, such as Cancer Pain, Loss of appetite and other side effects, related to Cancer treatments.