VANCOUVER, British Columbia, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to provide an official corporate update on its achievements, related scientific activities and growth strategies for the first quarter of fiscal 2018.
New Laboratory Space
The Company is presently looking at prospective office and research lab space on the campus of the University of British Columbia (“UBC”) with the aim of expanding its operations in Q3 of this year.
Product Pipeline and Human Trials
In January 2018, Veritas' subsidiary, Cannevert Therapeutics Ltd. (“CTL”), signed a clinical research agreement with Puerto Rico’s Fundación de Investigación (“FDI”) to perform human trials of its lead cannabis strain, CTL-X, for targeting pain management. Since then, FDI has prepared submissions as well as made formal presentations about the proposed study design to local regulatory authorities. It is anticipated that approvals for the conduct of this study will come at the end of Q1 2018 with its immediate start in Q2 2018. The Institute for Medical Cannabis Corporation (“IMC”) of Puerto Rico is still on track to provide CTL with the necessary placebo and specific cannabis strain for the upcoming human studies at FDI.
Health Canada Dealer Licence
In December 2017, Veritas announced that Health Canada had issued its subsidiary CTL a dealer licence (no. 2018/6970) under Health Canada’s Section 9.2 of the Narcotic Control Regulations (“NCR”). This will allow CTL to possess, produce, analyze, sale, send, transport, and deliver cannabis, hemp and related products and to be a commercial service provider of chemistry and biological testing services for licensed producers under Health Canada guidelines. Since then, Cannevert has been working to obtain more diverse cannabis strains from various parts of the World to investigate their therapeutic potential. The dealer licence allows CTL to greatly accelerate its research and development and expand access to various cannabis strains with potentially therapeutic capacity.
Cannevert Therapeutics Cancer Research Project
In November 2017, the Company announced that its research arm CTL had initiated a cancer research project with Dr. Dmitri Petchkovski of Fibroblast Consulting in Vancouver, to assess the effects of several human cancer cell lines against select cannabis strains, along with standard clinical chemotherapeutic drugs for comparison. Dr. Petchkovski will specifically investigate lung, prostate, colon, breast, and melanoma cancer cell lines.
Sechelt Organic ACMPR Application
Veritas’ subsidiary, Sechelt Organic Marijuana Corp. (“SOM”), currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada. Since July 4, 2014, SOM has had an application with Health Canada to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). To date, SOM has moved into the fifth (Application Review) of the seven stages of the application process and subject to clearing this stage, its awaiting Pre-Licence Inspection and Licensing.
Completion of Cannevert Therapeutics Ltd. Acquisition
From inception of Veritas Pharma, CTL was established as the exclusive research arm of Veritas through 80% acquisition of CTL. Veritas Pharma recently signed an agreement with Davidson & Company LLP to assist in providing the Company with a ‘Fairness Opinion’ on the potential value of taking over the remaining 20% of CTL. Davidson will provide their opinion on whether that value is fair based on the skillsets of the Cannevert team, their scientific and clinical accomplishments, including the acquisition of a Health Canada Dealer Licence, and the current state of the medical cannabis industry. Davidson’s final report is scheduled to be delivered to Veritas by February 28, 2018.
The Company also announces the issuance of 2,000,000 stock options at $0.65 to directors, management, and consultants of the Company for a term of twelve (12) months and the cancelation of 1,000,000 previously announced stock options.
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 cannabis 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
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