VANCOUVER, British Columbia, March 21, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP) (“Veritas” or the “Company”) is pleased to announce the Company has completed the 100% takeover of its research arm, Cannevert Therapeutics Ltd. (“CTL”).
As previously announced on February 20, 2018, Veritas and Cannavert entered into an agreement on the potential value of taking over the remaining 20% of Cannevert not already owned by Veritas which resulted into entering a purchase agreement (the "Purchase Agreement"). Davidson & Company LLP (“Davidson”) of Vancouver provided a Fairness Opinion and according to Davidson, a Fairness Opinion is defined as, “any written communication containing a conclusion as to the fairness of a proposed transaction to security holders, from a financial point of view.”
Pursuant to the terms of the agreement, the Company will issue CTL 5,000,000 Common Shares (“Shares”) of Veritas.
The Cannevert acquisition will further enhance and extend the Company's product offering through development of the most effective cannabis strains, advancing the science behind medical cannabis, providing distribution channels for the Companies patent protected IP (cultivars & strains) products and sell or license to cancer clinics, in Canada, the US, and Europe.
Veritas’ CEO, Dr. Lui Franciosi, stated: “The closing of the Cannevert transaction marks a milestone and Veritas continues to demonstrate its commitment to Cannevert through this increased participation. Plans are to now focus on enhancing the value of its current assets while keeping an eye on the market for additional acquisition opportunities."
About Cannevert Therapeutics Ltd.
Cannevert Therapeutics, Ltd. ("CTL") has its office at the Gerald McGavin building on the campus of the University of British Columbia (“UBC”) which is owned by UBC Property Trust as an independent incubator site. Cannevert is 100% owned by Veritas Pharma Inc. and was established for the specific purpose of releasing the therapeutic potential of different cannabis cultivars in a clear, systematic and scientific manner.
The company was founded by and consists of a group of academic scientists, some of whom are emeritus professors of pharmacology and anaesthesiology at UBC, experienced PhD scientists, and technical personnel. All are committed to the above specific goal. The various members of the team have a range of expertise, covering a wide area of relevant experience from many aspects of chemistry, to pharmacology, clinical expertise and clinical trials. As an indication of their academic expertise, many have spent years as professors at UBC, principally in the Faculty of Medicine.
Several members also have extensive experience with starting and running biotech companies, including the public companies, Cardiome Pharma Corp. and Verona Pharma PLC. They have also founded private companies other than Cannevert, including Magic Bullets Enterprises Ltd., TherExcell Pharma Inc., Pneumolabs UK Ltd. and others – all dedicated to drug discovery.
Thus, there is over 150 years of collective experience in drug discovery and drug-related studies that has a direct relationship to the clear and unequivocal avowed goal of Cannevert.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% 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.
The CSE has not reviewed, nor approved or disapproved the content of this press release.