Leva Clinic has secured $3.5m USD (£3m GBP) of funding from Óskare Capital and Justin Hartfield to accelerate innovation in medical cannabis therapeutics and scale the delivery of digital solutions for chronic pain patients.
LONDON, November 08, 2022 /PRNewswire-PRWeb/ -- Leva Clinic has announced that it has secured $3.5m USD (£3m GBP) of funding from Óskare Capital and Justin Hartfield to accelerate innovation in medical cannabis therapeutics and scale the delivery of digital solutions for chronic pain patients.
- Leva Clinic ("Leva") operates the UK's first online clinic for chronic pain, owns one of the UK's leading brands of medical cannabis (Satoline), and is a founding member of the largest observational medical cannabis study in the UK (Project Twenty21)
- Justin Hartfield, founder of Weedmaps, one of the world's largest integrated cannabis technology platforms, has led a $3.5m USD (£3m GBP) investment in Leva alongside Óskare Capital, a European medical and pharmaceutical cannabis fund.
- Funding will grow the clinic's reach, strengthen and broaden partnerships with the NHS and other healthcare providers, and improve ongoing patient experience with a mobile app.
One quarter of adults in the UK are living with a pain condition that has lasted over three months, with chronic pain having been dubbed a "silent epidemic". Pain costs the UK economy significantly more than cancer and heart disease, almost as much as diabetes and obesity costs. A lack of personalised treatment options and difficulties in accessing clinical support currently prevents millions of adults from living a life without pain, and fueling a surge in opioid-related deaths.
Established in 2019, Leva Clinic is the UK's first online clinic for people living with chronic pain. Regulated by the Care Quality Commission. Leva's services are accessible through the Boots Health Hub, and the clinic also has live partnerships with several NHS trusts to deliver digital therapeutic services and consultant-led patient care plans.
Justin Hartfield, who founded global cannabis technology platform Weedmaps in 2008, makes the investment via his private investment office 2420 Partners. The investment is the first for 2420 in the UK and the second in Europe. He said:
"Our investment in Leva is perfectly aligned with our goal to support emerging businesses in the pain management space globally. Leva is on the path to being a market leader in delivering innovative pain management solutions by industry-leading pain experts in the UK. We are excited to partner with the company in its next chapter of growth."
Leva is a founding member of Project Twenty21, the largest observational medical cannabis study in the UK. Leva's Satoline range of medical cannabis-based medicines is part of the formulary for the trial, gathering evidence on the efficacy of medical cannabis-based medicines.
Leva is also one of three suppliers participating in the 'I Am Billy' Foundation RESCAS program (Refractory Epilepsy Specialist Clinical Advisory Service), set up in 2020 following a legal challenge brought by campaigner Charlotte Caldwell against the UK government. It provides a much-needed route to NHS-funded medical cannabis for people under the age of 18 affected by refractory epilepsy.
Leva co-founder and CEO Eric Bystrom said:
"Leva's unique patient centric platform is delivering for our patients, and with this investment we intend to further increase our reach across the UK and continue to build our offering through digital access. Justin's experience in developing digital offerings coupled with Oskare's life sciences expertise make them the perfect partners for this next stage of our journey."
Óskare Capital is a European medical and pharmaceutical cannabis fund, unlocking the endocannabinoid system through Life Sciences and Deep Tech.
Dr John Rogers, Neurologist and co-founder of Óskare, on joining Leva's board said:
We have been impressed by Leva's approach to patient care, also affirmed by their NHS contracts and recent CQC report. Leva has assembled a highly experienced team of pain management experts, and we are excited to help Leva make these patient services available across the UK."
Oliver Lamb, Co-Founder and Investment Manager at Óskare Capital, said:
"We are excited about our investment in Leva and their much needed pain management platform. One of the key issues that Óskare Capital seeks to address in the medical cannabis market is patient access, and Leva are breaking down the barriers for those patients most in need. Having been in discussions with the Leva team for over a year, we have been continually impressed by their vision and dedication."
Dr Arun Bhaskar, Consultant in Pain Medicine and President of the British Pain Society, will also join the board as an independent director. He adds:
"The dedication of the team to both best clinical practice and patient care is resulting in excellent patient outcomes"
ENDS
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SOURCE Leva Clinic
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