Ireland’s GreenLight Medicines, a pharmaceutical start-up seeking to develop “breakthrough medicines” using cannabis extracts, has secured more than $550,000 in funding from a consortium of private investors, according to an Irish Times report. The cash infusion follows a seed investment worth more than $110,000, and commitments of nearly $140 million in CBD hemp oil from Isodiol to assist the firm in its research. The agreement with the Swiss-American firm includes a five-year research contract which will allow GreenLight to further validate the CBD medicines developed by Isodiol in the US.
Dr. James Linden, GreenLight’s founder and chief executive, said the company has spent the last two years developing research programs at Irish universities targeted at developing CBD therapies for a variety of illnesses; including, glaucoma, arthritis, multiple sclerosis, and cancer.
“GreenLight’s focus is on conducting research that will be the catalyst in bringing these life-changing medicines to fruition, that have the potential to help thousands of people manage their conditions,” he said in the report.
Chief Financial Officer Patrick Deasy said the investments are key to conducting “crucial” clinical trials, which cost about $7 million to $10 million per drug.
According to Deasy, GreenLight will be conducting a third call for investment funding early next year.