SAN JUAN, Puerto Rico, Feb. 22, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Puerto Rico LLC, a wholly owned subsidiary of Veritas Pharma, Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas”), today announced the dosing of the first adult volunteer in its clinical trial of their lead cannabis product (“CTL-X”) for the treatment of acute pain. The randomized, double-blinded crossover trial will assess the safety, tolerability and efficacy of CTL-X as a single dose vaporized challenge in 16 healthy adults. CTL-X, supplied by one of Puerto Rico’s notable cannabis performers, the Institute for Medical Cannabis (“IMC”), will be evaluated on its analgesic properties on simulated pain using standardized pain scales. The clinical research organization, Fundación de Investigación (“FDI”), administered the trial drug in the phase II-III unit at their state-of-the-art facility. Veritas and FDI anticipate data from the clinical trial in May 2019.
“Dosing the first subject with CTL-X represents a significant milestone for Veritas,” said Scott Alexander, MBBS, the company’s Medical Director. “We are hopeful that this trial will validate our functional therapeutic model utilizing cannabis for medical purposes, based on our extensive preclinical data of CTL-X. It is a great step to advance our medical cannabis development program.” The trials represent Veritas’ latest advancement in Puerto Rico’s market, which has seen exponential growth since the government’s regulation of medicinal cannabis. Since the Puerto Rican government’s approval of the Medicinal Cannabis Act, 59,302 patients have obtained their license as of February 2019; a number that the local government hopes to triple with its new regulatory framework. Pain and pain-related disorders represent over 52% of the conditions patients seek a license for medical cannabis.
About the Institute for Medical Cannabis
The Institute for Medical Cannabis is one of Puerto Rico’s leading industry specialists that provides cultivation, extraction, formulation, multiple forms of production, research, and distribution using the best, award-winning strains, technology, and processes that the industry offers. Located on a private 25-acre farm in Ponce, Puerto Rico, IMC’s facilities and operations are designed to withstand hurricane wind loads, control temperature and humidity, and maximize the island’s natural sunlight. Licensed under Puerto Rico’s State Department Medical Cannabis Health Code. Last year, IMC became the first local cannabis business to be certified as “Clean Green,” thus surpassing USDA-standards for organic products.
For more information, please visit their website: imc-pr.com
About the Fundación de Investigación
The Fundación de Investigación (or “Foundation for Investigation”) is one of Puerto Rico’s leading clinical researchers with the only Phase 1 and Bio-Analytical Laboratory on the island. The FDI has successfully completed hundreds of FDA-regulated clinical trials sponsored by some of the world’s top pharmaceutical companies. In FDI’s Bio-Analytical Laboratory, multiple analytical assays have been developed and validated, converting FDI’s clinic to a one-stop-shop for pharmaceutical companies.
For more information, please visit their website: fundaciondeinvestigacion.com
About Veritas Pharma Puerto Rico LLC
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, which, through its 100% owned subsidiary Veritas Pharma Puerto Rico LLC is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in a Puerto Rico subsidiary 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. Veritas’ unique value proposition uses a low-cost research and development model to help drive shareholder value and speed-to-market. Veritas’ investment is led by a 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, the insurance industry, and pharma, targeting multi-billion-dollar markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in 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
"Peter McFadden"
Peter McFadden
Interim Chief Executive Officer & CFO
Contact Investor and Public Relations at:
Telephone: +1.604.827.5520
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com