VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to announce the establishment of new subsidiary Veritas Pharma Puerto Rico LLC (“Veritas PR”) in the US territory. With the management and regulatory guidance of Essèntium Group LLC, Veritas PR establishes a foothold for the scientific investigation, product development and commercialization of cannabis-based therapies in Puerto Rico and throughout Latin America.
Veritas PR will commence the upcoming human trials of Cannevert Therapeutics Ltd.’s (“CTL”) lead cannabis strain, CTL-X. The trials are being conducted by Fundación de Investigación (“FDI”) Clinical Research facilities in San Juan, Puerto Rico. The study will be done in two stages to assess the analgesic effects of this lead strain. 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 subjects who will be exposed to various modalities of acute pain. The Institute for Medical Cannabis (“IMC”) Corporation of Puerto Rico will prepare and supply the CTL-X and placebo for the upcoming studies.
Veritas CEO, Dr. Lui Franciosi stated, “We are pleased with our partnerships in Puerto Rico, especially with FDI and IMC. Both are reputable, scientifically-minded companies, who possess all the required licenses to conduct our collaborative activities in Puerto Rico. With their assistance, Veritas PR will aim to bring the Cannevert brand of evidence-based therapies to the Puerto Rican market.”
Puerto Rico is one of the world’s best known pharmaceutical production and development centers with a growing biotech presence. Most of the biggest 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. As of today, there are nearly 26,000 Puerto Ricans who have paid $25 USD a year for a permit to use medical cannabis and there are 65 medical cannabis establishments with license to operate, which represents a rapid growth in a relatively young industry (El Vocero, May 1, 2018).
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 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 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
"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.
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Veritas Pharma Inc.
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