VANCOUVER, British Columbia, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT)
(OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to provide an update to its prospective and
current Veritas Shareholders regarding the Company’s activities and milestones over 2017, and strategies for growth in the new
year.
Veritas Pharma has experienced tremendous activity over the past year and shareholders have responded
positively to our continued efforts to build a diversified portfolio of cannabis investments for Veritas Pharma. The Company has
successfully raised multiple rounds of capital to support the various projects that we are developing in North America, including
those in British Columbia, Puerto Rico and beyond.
Veritas CEO Dr. Lui Franciosi stated, “The last year was formative in Veritas development and we look forward to
press forward with expansion plans with a larger footprint and exposure in the cannabis industry in both Canada, Germany and United
states in 2018. I’d like to take this opportunity to thank all of our shareholders and supporters for helping us reach this next
level of our business plan. We look forward to your continued support of Veritas Pharma and Cannevert Therapeutics Ltd.”
Research Activities
In December, Veritas and Cannevert completed a completed a pre-study 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. will be conducting its
first human study of CTL-X, a cannabis strain targeting pain management.
In December, Veritas research arm Cannevert Therapeutics Ltd. signed a Material Transfer Agreement with the
Institute for Medical Cannabis Corporation of Puerto Rico. IMC will provide Cannevert with specific cannabis strains for upcoming
human studies in the US territory.
In October, Veritas research arm Cannevert Therapeutics Ltd. has hired Medrio Inc. of San Francisco, CA, to
provide a data collection through their revolutionary CloudEDC™ technology platform for upcoming clinical trials of its cannabis
strains in pain management.
In July, announced that it is proceeding towards clinical trials with research arm Cannevert Therapeutics Ltd.,
and sent a team overseas to assess more medicinal cannabis licensed producers as well as clinical research organizations to
determine their potential as sources of cannabis material and clinical trial sites, respectively.
In May, Veritas research arm Cannevert Therapeutics Ltd. is in development of its medicinal cannabis pipeline
and expanded to include anti-emesis (anti-nausea/vomiting) therapies. The mission is to identify and develop the most effective
proprietary cannabis strains for pain, emesis and PTSD through a scientific approach that allows the Company to provide doctors and
patients with comprehensive evidence of efficacy to provide confidence in prescribing and using these proprietary strains.
In February, Veritas research arm Cannevert Therapeutics Ltd, provided the Company with its latest research
report outlining its progress with cannabis strains.
In Cannevert’s report, the strength and mix of research expertise and skillsets were highlighted along with the
‘lean and mean’ approach of being a discovery company. It also discussed the efficiency of identifying and quantifying all
cannabinoids from various cannabis strains, the status of intellectual property protection of strains with therapeutic potential,
and the plans for upcoming clinical trials in acute and chronic pain. There was also mention of some positive unexpected findings
from animal studies, which will be further investigated and protected in due course. Pursuant to this study, initial meetings were
made in the Netherlands with respect to the commencement of human trials.
Health Canada Dealer License
In December, Veritas announced that Health Canada had issued its research and development subsidiary, Cannevert Therapeutics Ltd. a
dealer license no. 2018/6970 under Health Canada’s Section 9.2 of the Narcotic Control Regulations (“NCR”) that will allow them to
possess, produce, analyze, sale, send, transport, and deliver cannabis, hemp and related products.
Cancer Research Project
In November, the Company announced that it has initiated a cancer research project with Dr. Dmitri Petchkovski to assess the
effects of several human cancer cell lines against select cannabis strains, along with standard clinical chemotherapeutic drugs for
comparison. Veritas’ research arm, Cannevert Therapeutics Ltd. is providing Dr. Petchkovski with the required strains and oversee
the implementation of this project.
Sechelt Organic Marijuana Corp.
In November, Veritas entered into a binding Letter of Intent to Secure ACMPR License and Cannabis Growing Facility in Sechelt, BC.,
with 906474 Alberta Ltd. subject to regulatory authority to acquire 100% ownership of Sechelt Organic Marijuana Corp., free and
clear of all liens, charges and encumbrances in exchange for $800,000 payable in shares of Veritas priced at the last trading day
immediately preceding the Closing. Veritas is also issuing to 906474 Special Warrant Shares which would entitle 906474 to
additional shares of Veritas equal to $800,000 less the current market price of the Veritas Shares times the market price on last
trading day immediately following the 4 month holding period.
In July, announced that it is preparing to begin construction of a state-of-the-art cannabis growing facility
upon receiving Health Canada’s license under Access to Cannabis for Medical Purposes Regulations (ACMPR). Veritas Pharma, through
its subsidiary Sechelt Organic Marijuana Corp., has initiated the tendering process and is awaiting bids for the construction of
its proposed growing facility.
Advisory Board
Mr. Peter Doig was appointed to the Advisory Board in July. Mr. Doig is a Professional Agrologist with over 18 years of experience
in Compost Bioengineering, organic soils and fertilizers, Biochemistry, Microbiology, and Agricultural Production. For the past 12
years Mr. Doig has consulted and worked in professional greenhouses, as well as several Health Canada Licensed Producers, and
Applicants. He has overseen and written standards for certified organic greenhouse production of fruits and vegetables as well as
the only Canadian Standards that are specific to cannabis cultivation. Peter joins our advisory board as an expert in cultivation
and regulatory compliance.
Mr. Robert Dawson a “Top 40 Under 40” recipient was appointed to the Advisory Board in November. Mr.
Dawson is a performance-driven and innovative executive with over 20 years of global experience in business leadership, strategic
marketing, consulting, technology, crowdsourcing, innovation and communications. He is currently President and CEO of Tectonic
Strategy Inc., a boutique innovation and business model advisory firm for technology companies.
Fundación de Investigación (FDI)
In November, Veritas’ research arm Cannevert Therapeutics signed letter of intent with Fundación de Investigación of Puerto Rico to
conduct the first human study of CTL-X, its lead cannabis strain targeting pain.
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 16 subjects who will be exposed to various
modalities of acute pain.
Veritas Hires Medical Director
Dr. M. Scott Alexander was hired in December as the Company’s Medical Director. Dr. Alexander’s primary duties will be to advise
physicians and regulators on the application of Cannevert’s experimental results with specific cannabis strains to their clinical
practice and public policy. He will specifically address their current concerns and need for a standardized medical cannabis
product that can be dosed and delivered reliably for a consistent therapeutic effect with minimal side effects. Dr. Alexander is
committed to following the principles of translational medicine and developing strong partnerships with patient advocacy groups and
colleges of family physicians to share his understanding of the potential benefits and risks of medical cannabis.
US Patent Application
Veritas announced in November that its research arm, Cannevert Therapeutics Ltd., had filed a provisional patent application to US
Patent and Trademark Office (the “USPTO”) on September 13, 2017 for use of a specific cannabis strain to enhance the actions of
opioid analgesics. An acknowledgement letter from the USPTO was received recently which provided a filing number of US 62/558,021
for this application.
Cannevert Therapeutics Ltd.
In July, Veritas retained RwE Growth Partners, Inc. to evaluate the Company’s $1.50 million investment into its 80% owned research
arm, Cannevert Therapeutics Ltd.
In April, Veritas announced that it had paid the final installment for a total of $1,500,000 for its acquisition
of 80% of the issued and outstanding shares in Cannevert Therapeutics Ltd. and the Company will enter into a second amending
agreement with respect to the existing share purchase agreement with Cannevert, with an option to purchase the
remaining 20%.
Cannevert has effectively been acting as the research arm of Veritas, as it currently has an exclusive license
agreement to market all proprietary products developed by them. Additionally, all monetary advances made thus far have been used to
expand CTL’s R&D efforts. With the latest payment, CTL will provide Veritas with a report on its current research program. We
anticipate to have it within the next 10 days, at which point the principal results will be announced.
AlphaPheno Inc.
In March, Veritas entered into an agreement with AlphaPheno Inc. of Washington State, USA, to collaborate in the area of Research
and Development “R&D”.
Alpha holds a Tier 3 Cultivation and Processing license and therefore is permitted to apply for and hold a
R&D license. AlphaPheno has an extensive list of cannabis genetics and existing cultivation space; furthermore,
AlphaPheno is applying for a Marijuana Research License to leverage the synergy with Veritas. The License provides for the ability
to produce, process and possess marijuana; in addition to, being able to test chemical potency, composition levels, conduct
clinical investigations of marijuana derived drug products, conduct research on the efficacy and safety of administering marijuana
as part of medical treatment, conduct genomic and agricultural research. AlphaPheno’s CEO, Kurt Keating, commented, “We are
delighted to work with Veritas Pharma. I believe that this collaboration will achieve great things for the cannabis space and will
greatly benefit both companies.”
Veritas announces the issuance of 2,500,000 stock options at $0.80 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
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.
Investor and Public Relations Contact
Veritas Pharma Inc.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian
Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved
the contents of this press release.
