VANCOUVER, British Columbia, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to provide an update to its prospective and current Veritas Shareholders regarding the Company’s activities and milestones over 2017, and strategies for growth in the new year.
Veritas Pharma has experienced tremendous activity over the past year and shareholders have responded positively to our continued efforts to build a diversified portfolio of cannabis investments for Veritas Pharma. The Company has successfully raised multiple rounds of capital to support the various projects that we are developing in North America, including those in British Columbia, Puerto Rico and beyond.
Veritas CEO Dr. Lui Franciosi stated, “The last year was formative in Veritas development and we look forward to press forward with expansion plans with a larger footprint and exposure in the cannabis industry in both Canada, Germany and United states in 2018. I’d like to take this opportunity to thank all of our shareholders and supporters for helping us reach this next level of our business plan. We look forward to your continued support of Veritas Pharma and Cannevert Therapeutics Ltd.”
Research Activities
In December, Veritas and Cannevert completed a completed a pre-study visit of the Fundación de Investigación (FDI) facilities in San Juan, Puerto Rico. This will be the site where the Company’s research arm, Cannevert Therapeutics Ltd. will be conducting its first human study of CTL-X, a cannabis strain targeting pain management.
In December, Veritas research arm Cannevert Therapeutics Ltd. signed a Material Transfer Agreement with the Institute for Medical Cannabis Corporation of Puerto Rico. IMC will provide Cannevert with specific cannabis strains for upcoming human studies in the US territory.
In October, Veritas research arm Cannevert Therapeutics Ltd. has hired Medrio Inc. of San Francisco, CA, to provide a data collection through their revolutionary CloudEDC™ technology platform for upcoming clinical trials of its cannabis strains in pain management.
In July, announced that it is proceeding towards clinical trials with research arm Cannevert Therapeutics Ltd., and sent a team overseas to assess more medicinal cannabis licensed producers as well as clinical research organizations to determine their potential as sources of cannabis material and clinical trial sites, respectively.
In May, Veritas research arm Cannevert Therapeutics Ltd. is in development of its medicinal cannabis pipeline and expanded to include anti-emesis (anti-nausea/vomiting) therapies. The mission is to identify and develop the most effective proprietary cannabis strains for pain, emesis and PTSD through a scientific approach that allows the Company to provide doctors and patients with comprehensive evidence of efficacy to provide confidence in prescribing and using these proprietary strains.
In February, Veritas research arm Cannevert Therapeutics Ltd, provided the Company with its latest research report outlining its progress with cannabis strains.
In Cannevert’s report, the strength and mix of research expertise and skillsets were highlighted along with the ‘lean and mean’ approach of being a discovery company. It also discussed the efficiency of identifying and quantifying all cannabinoids from various cannabis strains, the status of intellectual property protection of strains with therapeutic potential, and the plans for upcoming clinical trials in acute and chronic pain. There was also mention of some positive unexpected findings from animal studies, which will be further investigated and protected in due course. Pursuant to this study, initial meetings were made in the Netherlands with respect to the commencement of human trials.
Health Canada Dealer License
In December, Veritas announced that Health Canada had issued its research and development subsidiary, Cannevert Therapeutics Ltd. a dealer license no. 2018/6970 under Health Canada’s Section 9.2 of the Narcotic Control Regulations (“NCR”) that will allow them to possess, produce, analyze, sale, send, transport, and deliver cannabis, hemp and related products.
Cancer Research Project
In November, the Company announced that it has initiated a cancer research project with Dr. Dmitri Petchkovski to assess the effects of several human cancer cell lines against select cannabis strains, along with standard clinical chemotherapeutic drugs for comparison. Veritas’ research arm, Cannevert Therapeutics Ltd. is providing Dr. Petchkovski with the required strains and oversee the implementation of this project.
Sechelt Organic Marijuana Corp.
In November, Veritas entered into a binding Letter of Intent to Secure ACMPR License and Cannabis Growing Facility in Sechelt, BC., with 906474 Alberta Ltd. subject to regulatory authority to acquire 100% ownership of Sechelt Organic Marijuana Corp., free and clear of all liens, charges and encumbrances in exchange for $800,000 payable in shares of Veritas priced at the last trading day immediately preceding the Closing. Veritas is also issuing to 906474 Special Warrant Shares which would entitle 906474 to additional shares of Veritas equal to $800,000 less the current market price of the Veritas Shares times the market price on last trading day immediately following the 4 month holding period.
In July, announced that it is preparing to begin construction of a state-of-the-art cannabis growing facility upon receiving Health Canada’s license under Access to Cannabis for Medical Purposes Regulations (ACMPR). Veritas Pharma, through its subsidiary Sechelt Organic Marijuana Corp., has initiated the tendering process and is awaiting bids for the construction of its proposed growing facility.
Advisory Board
Mr. Peter Doig was appointed to the Advisory Board in July. Mr. Doig is a Professional Agrologist with over 18 years of experience in Compost Bioengineering, organic soils and fertilizers, Biochemistry, Microbiology, and Agricultural Production. For the past 12 years Mr. Doig has consulted and worked in professional greenhouses, as well as several Health Canada Licensed Producers, and Applicants. He has overseen and written standards for certified organic greenhouse production of fruits and vegetables as well as the only Canadian Standards that are specific to cannabis cultivation. Peter joins our advisory board as an expert in cultivation and regulatory compliance.
Mr. Robert Dawson a “Top 40 Under 40” recipient was appointed to the Advisory Board in November. Mr. Dawson is a performance-driven and innovative executive with over 20 years of global experience in business leadership, strategic marketing, consulting, technology, crowdsourcing, innovation and communications. He is currently President and CEO of Tectonic Strategy Inc., a boutique innovation and business model advisory firm for technology companies.
Fundación de Investigación (FDI)
In November, Veritas’ research arm Cannevert Therapeutics signed letter of intent with Fundación de Investigación of Puerto Rico to conduct the first human study of CTL-X, its lead cannabis strain targeting pain.
The study will be done in two stages to assess the analgesic effects of this lead strain. The first stage will have an open label design to look at the feasibility of two doses of CTL-X in 5 subjects while the second stage will use a randomized, double- blind, crossover design to assess one dose of CTL-X against a placebo control strain in 16 subjects who will be exposed to various modalities of acute pain.
Veritas Hires Medical Director
Dr. M. Scott Alexander was hired in December as the Company’s Medical Director. Dr. Alexander’s primary duties will be to advise physicians and regulators on the application of Cannevert’s experimental results with specific cannabis strains to their clinical practice and public policy. He will specifically address their current concerns and need for a standardized medical cannabis product that can be dosed and delivered reliably for a consistent therapeutic effect with minimal side effects. Dr. Alexander is committed to following the principles of translational medicine and developing strong partnerships with patient advocacy groups and colleges of family physicians to share his understanding of the potential benefits and risks of medical cannabis.
US Patent Application
Veritas announced in November that its research arm, Cannevert Therapeutics Ltd., had filed a provisional patent application to US Patent and Trademark Office (the “USPTO”) on September 13, 2017 for use of a specific cannabis strain to enhance the actions of opioid analgesics. An acknowledgement letter from the USPTO was received recently which provided a filing number of US 62/558,021 for this application.
Cannevert Therapeutics Ltd.
In July, Veritas retained RwE Growth Partners, Inc. to evaluate the Company’s $1.50 million investment into its 80% owned research arm, Cannevert Therapeutics Ltd.
In April, Veritas announced that it had paid the final installment for a total of $1,500,000 for its acquisition of 80% of the issued and outstanding shares in Cannevert Therapeutics Ltd. and the Company will enter into a second amending agreement with respect to the existing share purchase agreement with Cannevert, with an option to purchase the remaining 20%.
Cannevert has effectively been acting as the research arm of Veritas, as it currently has an exclusive license agreement to market all proprietary products developed by them. Additionally, all monetary advances made thus far have been used to expand CTL’s R&D efforts. With the latest payment, CTL will provide Veritas with a report on its current research program. We anticipate to have it within the next 10 days, at which point the principal results will be announced.
AlphaPheno Inc.
In March, Veritas entered into an agreement with AlphaPheno Inc. of Washington State, USA, to collaborate in the area of Research and Development “R&D”.
Alpha holds a Tier 3 Cultivation and Processing license and therefore is permitted to apply for and hold a R&D license. AlphaPheno has an extensive list of cannabis genetics and existing cultivation space; furthermore, AlphaPheno is applying for a Marijuana Research License to leverage the synergy with Veritas. The License provides for the ability to produce, process and possess marijuana; in addition to, being able to test chemical potency, composition levels, conduct clinical investigations of marijuana derived drug products, conduct research on the efficacy and safety of administering marijuana as part of medical treatment, conduct genomic and agricultural research. AlphaPheno’s CEO, Kurt Keating, commented, “We are delighted to work with Veritas Pharma. I believe that this collaboration will achieve great things for the cannabis space and will greatly benefit both companies.”
Veritas announces the issuance of 2,500,000 stock options at $0.80 to directors, management, and consultants of the Company for a term of twelve (12) months.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary Cannevert Therapeutics Ltd. ("CTL"), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company's commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Veritas Pharma Inc.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.