Veritas Pharma Inc.
(CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), an emerging discovery and
IP development company, provided updates on its agreement,
accomplishments and closing terms for the acquisition of Cannevert
Therapeutics Ltd. (CTL).
CTL is a privately-own company made up of
established academics from The University of British Columbia. Per a
December 2015 agreement, Veritas is required to advance Cannevert
CAD$1.5 million to act as its research arm. This funding must be done
in quarterly installments of CAD$250,000. Following each installment,
Cannevert would provide Veritas with a research progress report (if new
information was available):
|
Research Update |
Date |
Outcome |
|
1 |
April 7th, 2016 |
Establishment and standardization of the chemical and pharmacological assays that will be used to screen new cannabis cultivars |
|
2 |
July 17, 2016 |
Analysis and screening of cannabis strains continued |
|
3 |
Sep. 14, 2016 |
Analysis and screening of cannabis strains continued |
|
4 |
Oct 4, 2016 |
Several cannabis strains identified as potentially therapeutic |
|
5 |
Feb 24, 2017 |
Progress from animal testing to setting the stage for clinical trials |
In January 2017, Veritas advanced its fifth
installment of six and placed the remaining payment in escrow. This last
installment, which will be advanced on May 1st,
2017, signifies that Veritas will have 80% ownership of Cannevert. The
Company will then conduct a valuation of Cannevert’s assets and research
results using an independent auditor. All payment are current and the
agreement in place between the parties is in good standing.
Cannevert’s current expertise and skillsets
include the following staff: 2 PhDs for basic chemistry to isolate and
quantify cannabinoids with help from some junior personnel; 5 PhDs and 1
MD for pharmacology and biology; and 2 PhD post-doctoral fellows
focused on studying analgesia and nausea-vomiting. Cannevert has also
hired three part-time employees as well as an accountant for data
handling, analysis, reporting and archiving. In coming months,
Cannevert’s main research aim will be to conduct clinical trials that
will support the generation of protectable intellectual property in
cannabis research. It has also approached appropriate clinical trial
professionals and patenting experts.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging-stage pharmaceutical and IP
development company, who, through Cannevert Therapeutics Ltd. (CTL), is
advancing the science behind medical cannabis. It is the Company 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 CTL’s IP
(cultivars & strains) and sell or license to cancer clinics,
insurance industry and pharma, targeting multi-billion dollar global
markets.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique
group of chemists, pharmacologists, and other medical professionals.
With offices located on the campus of the University of British
Columbia, CTL has obtained permission from Health Canada to conduct
research on cannabis strains. CTL has entered a funding agreement with
Veritas where, upon advancing $1.5 million to CTL, Veritas will earn an
80% ownership interest in CTL. Although Veritas has advanced $1,250,000
to CTL, no ownership interest will be earned by Veritas until the entire
$1.5 million is received. CTL has also entered a licensing agreement
with Veritas, licensing Veritas to market all products developed by CTL.
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: www.veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
“Dr. Lui Franciosi”
Dr. Lui Franciosi
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: [email protected]
Website: www.veritaspharmainc.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.
– See more at: https://www.thenewswire.com/archives?id=LPRFxgdA#s…
In the interest of full disclosure, we call the reader’s attention to
the fact that Equities.com, Inc. is compensated by the companies
profiled in the Spotlight Companies section. The purpose of these
profiles is to provide awareness of these companies to investors in the
micro, small-cap and growth equity community and should not in any way
be considered as a recommendation to buy, sell or hold these securities.
Equities.com is not a registered broker dealer, investment advisor,
financial analyst, investment banker or other investment professional.
We are a publisher of original and third party news and information. All
profiles are based on information that is available to the public. The
information contained herein should not be considered to be complete and
is not guaranteed by Equities.com to be free from misstatement or
errors. The views expressed are our own and not intended to be the basis
for any investment decision. Readers are reminded to do their own due
diligence when researching any companies mentioned on this website.
Always bear in mind that investing in early-stage companies is risky and
you are encouraged to only invest an amount that you can afford to lose
completely without any change in your lifestyle. Equities has been
compensated with cash, common shares and/or warrants for market
awareness services provided.
