VANCOUVER, British Columbia, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) announces that it has completed a prestudy 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. ("CTL") will be conducting its first human study of CTL-X, a cannabis strain targeting pain management.
As mentioned in a previous release November 20, 2017, a Letter of Intent (the “LOI”) was signed between CTL and FDI to conduct a human study in two stages. The first stage would use an open label design to look at the feasibility of two doses of CTL-X in 5 subjects while the second stage would use a randomized, double-blind, crossover design to assess one dose of CTL-X against a placebo control strain in 16 subjects exposed to various modalities of acute pain.
Veritas’s CEO Lui Franciosi stated, “I recently travelled to Puerto Rico and visited the FDI clinical trial facility. I was very impressed by their Phase I and Phase II-III clinical trial units. They were fully staffed and had a complete array of standard medical and laboratory equipment along with a functioning pharmacy.” Dr. Franciosi went on to say, “Although the island took a big hit by Hurricane Maria this September, most of San Juan’s major clinical centers such as the FDI suffered little or no damage. These buildings were able to operate immediately on generator power; the week before my visit, FDI had their electrical power fully restored.”
While in Puerto Rico, Dr. Franciosi also visited the Institute for Medical Cannabis (“IMC”) Corporation in Ponce as well as other licensed producers to assess the extent to which the hurricane affected them. He is pleased to report that their facilities sustained little or no damage. IMC was still operating on generator power. They mentioned to him that October turned out to be their best month of medical cannabis sales since they started. Dr. Franciosi stated, “We are pleased to see that IMC is fully operational and they are still on track to supply Current Good Manufacturing Practice (“cGMP”) medical cannabis for Cannevert’s upcoming study at FDI.”
Veritas Pharma’s goal is to have a branded analgesic strain available starting next year in select markets. This strain’s dose and method of administration will be standardized to actively compete with over-the-counter analgesics as well as potentially reduce or eliminate opioid use in the acute and chronic pain. With the help of Cannevert scientists, the Company aims to continue providing physicians and patients with scientifically tested and clinically proven cannabis therapies. Today’s earlier announcement about Health Canada issuing a dealer licence to Cannevert will only accelerate the Company’s efforts in bringing new therapeutic strains to market in the coming months and years.
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
About Fundación de Investigación (FDI).
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, 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"
Dr. Lui Franciosi
President and Chief Executive Officer
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