DEA-Licensed Pharmaceutical Cannabis Company Biopharmaceutical Research Company (BRC) Announces $20M Series A Funding Round

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Oct 04, 2022, 10:00 ET

The Company will use the investment to scale up and increase product offering, conduct sponsored research, and execute on its go-to-market strategy

MONTEREY, Calif., Oct. 4, 2022 /PRNewswire/ -- Biopharmaceutical Research Company ("BRC"), an active Drug Enforcement Administration (DEA) pharmaceutical cannabis license holder, announced the completion of a $20M Series A fundraise. This will enable the Company to aggressively scale its operations and increase its product offering, conduct sponsored research, and execute on its go-to-market strategy. The round is being led by Intrinsic Capital Partners ("Intrinsic"), with participation from Argonautic Ventures, Achari Ventures, AFI Capital Partners, Delta Emerald Ventures, Self Health America (SHAC) and a number of preeminent family offices.

"Receiving our DEA Schedule I registration in 2021 allowed us to significantly advance our research capabilities, optimize our cannabis growing operation, and produce novel cannabis-derived products in a federally compliant manner. This significant new financial infusion will further accelerate our ability to grow as a business, while establishing BRC as an industry leader," said George Hodgin, BRC CEO. "Intrinsic not only provides us with the cash we need to scale aggressively, they also bring a wealth of experience in the pharmaceutical space. We're so grateful to the Intrinsic team and to our other partners for seeing the high-growth potential of our work."

In 2021, BRC was one of a small number of American companies awarded a production license from the DEA to produce clean, consistent, and compliant cannabinoids for federally approved researchers across the United States. In recent years, BRC has partnered with academic research institutions including Washington State University and the University of California-Davis.

"BRC has exactly the kind of high-growth potential our fund looks for in a company," said Intrinsic Managing Partner Howard Goodwin M.D. "They're a mission-driven company with excellent leadership in a high-growth industry, and we're thrilled to have engaged with a business that is already in a significantly advantageous position given their unique ability to be fully compliant with the DEA."

BRC enters its phase of Series A funding with a robust and experienced team, and is excited to announce that Osagie Imasogie, Senior Managing Partner at PIPV Capital, and the founder of GlaxoSmithKline Ventures, has joined its Board of Directors. Additionally, BRC welcomes Steven Hoffman, former Chair of the Massachusetts Cannabis Control Commission, and Bob Sheroff, former Global Head of Supply Chain across multiple divisions within Johnson & Johnson, to its Board of Advisors. Imasogie and Sheroff both come from Intrinsic's deep operating network.

The BRC staff is also expanding with the appointment of Hunter Land as Vice President of Translational Research. Land previously served as an Executive Board Member and Vice President of Translational Research Alterola Biotech, and brings more than 18 years of R&D expertise across 15 different indications, as well as 10 years of cannabinoid-focused research. As an expert in the field of cannabinoid science, he has developed a pipeline of discovery work on over 20 novel cannabinoids and terpenes.

About Biopharmaceutical Research Company (BRC)

Biopharmaceutical Research Company (BRC) is a DEA-registered botanical cannabis firm focused on the federally compliant production of active pharmaceutical ingredients and partnered development and research.

Intrinsic Capital Partners

Intrinsic Capital Partners is a Pennsylvania-based investment firm focused on life science and technology businesses within the legal cannabis and hemp industries. The Intrinsic team brings institutional investment discipline and world-class operating experience to build and scale industry-leading companies that address unmet needs across the supply chain. Intrinsic Capital Partners employs an operator-centric investment model to create a diverse portfolio of leading companies within the emerging cannabis and hemp industries.

North Point Mergers and Acquisitions acted as private placement agent for BRC in the fundraise and Morrison & Foerster LLP acted as legal advisors to BRC.

SOURCE Biopharmaceutical Research Company