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(January 10, 2018)
VANCOUVER, British Columbia, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to announce that its research arm, Cannevert Therapeutics Ltd. ("CTL") has signed a clinical research agreement with the FDI Clinical Research (FDI-CR) in San Juan, Puerto Rico, to conduct the first human study of its lead cannabis strain (CTL-X) targeting pain.
This announcement follows a previous release (November 20, 2017), in which CTL announced the signing of a Letter of Intent with FDI-CR to conduct a human study of CTL-X in two stages. 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.
Prof. Michael Walker, President of Cannevert Therapeutics stated, “Cannevert is pleased to have CTL-X investigated by FDI’s clinical researchers, who are experienced in evaluating all types of treatments for pharma and biotech. We want their help in providing physicians and patients with the best possible scientific evidence for CTL-X as well as our future cannabis therapies.” FDI’s CEO, Dr. José F. Rodríguez Orengo mentioned, “Cannevert’s study sets a precedent for establishing Puerto Rico as a hub for cannabis clinical research. It will be a first for the Island in that a locally grown medical cannabis strain will undergo clinical investigation to assess its therapeutic utility, based on preclinical evidence from formal pharmacological and chemical experiments.” Veritas Pharma’s CEO Lui Franciosi indicated, “We are now closer than ever to seeing CTL-X enter in human trials; if FDI’s study findings suggest that it can produce analgesia, this strain could be available later this year as an acute pain reliever product in Puerto Rican dispensaries.”
Veritas intends to have a branded analgesic strain in which its dose and method of administration are standardized to actively compete with over-the-counter pain relievers as well as to potentially reduce or eliminate opioid use in the acute and chronic pain markets.
Puerto Rico is one of the world’s best known pharmaceutical production and development centers with a growing biotech presence. Most of the significant pharmaceutical companies have used this US territory as a manufacturing or outsourcing base due to its established infrastructure, highly skilled labour force, popular tax incentives, and immediate access to the US market. Around 60% of Puerto Rico’s export value is pharma-related and over 25% of the country’s GDP comes from the pharma industry (Puerto Rico Report, 2017). In 2015, the territory legalized the use of medical cannabis to treat at least 14 pre-approved conditions including pain, HIV, cancer, multiple sclerosis, migraines, anxiety and epilepsy. According to the popular online magazine PR Health Department website, it shows that there are nearly 15,000 Puerto Ricans who have paid $25 USD a year for a permit to use medical cannabis, 32 dispensaries, 11 grow facilities, 7 manufacturing centers and 2 laboratories responsible for analyzing all medical marijuana before it’s sold.
Veritas announces the issuance of 1,000,000 stock options at $0.85 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 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, 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
About FDI Clinical Research (FDI-CR).It is a clinical research center located in San Juan, Puerto Rico, USA with state-of-the-art facilities that comprise medical treatment for multiple conditions with more than 350 clinical studies performed, a 30-bed phase I unit, an in-house bioanalytical laboratory, multispecialty experienced personnel, and the latest in medical technology. They are also an active medical care facility for patients with diverse medical ailments.
For more information about FDI, please visit: http://www.fundaciondeinvestigacion.com/
On behalf of the Board of Directors
"Dr. Lui Franciosi"
President and Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.
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