March 10, 2017, Vancouver, B.C. Veritas Pharma Inc. “Veritas” , (trading on: CSE: VRT – OTC: VRTHF – FSE: 2VP), has provided updates on its agreement, accomplishments and closing terms for the acquisition of Cannevert Therapeutics Ltd.
CTL is a privately owned company made up of established academics from the University of British Columbia. Per a December, 2015, agreement, Veritas is required to advance Cannevert $1.5-million to act as its research arm. This financing must be done in quarterly instalments of $250,000. Following each instalment, Cannevert would provide Veritas with a research progress report (if new information was available).
- April 7, 2016: Establishment and standardization of the chemical and pharmacological assays that will be used to screen new cannabis cultivars
- July 17, 2016: Analysis and screening of cannabis strains continued
- September 14, 2016: Analysis and screening of cannabis strains continued
- October 4, 2016: Several cannabis strains identified as potentially therapeutic
- February 24, 2017: Progress from animal testing to setting the stage for clinical trials
In January, 2017, Veritas advanced its fifth instalment of six and placed the remaining payment in escrow. This last instalment, which will be advanced on May 1, 2017, signifies that Veritas will have 80-per-cent ownership of Cannevert. The company will then conduct a valuation of Cannevert’s assets and research results using an independent auditor. All payments are current, and the agreement in place between the parties is in good standing.
Cannevert’s current expertise and skill sets include the following staff: two PhDs for basic chemistry to isolate and quantify cannabinoids with help from some junior staff; five PhDs and one MD for pharmacology and biology; and two PhD postdoctoral 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 the 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 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: veritaspharmainc.com
On behalf of the Board of Directors
Veritas Pharma Inc.
Dr. Lui Franciosi
Preside 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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