October 24, 2017, Vancouver, B.C. – Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), (“Veritas” or the “Company”) announces that its research arm, Cannevert Therapeutics Ltd. (“CTL”) has hired Medrio Inc. of San Francisco, CA, to provide a data collection through their revolutionary CloudEDCTM technology platform for upcoming clinical trials of its cannabis strains in pain management.
Dr. Lui Franciosi, Veritas Pharma CEO, stated, “This data collection solution will enable us to efficiently collect clinical data in real time for immediate statistical analysis when our pain studies are completed.” Veritas’ priority is to target its strains for chronic pain, in particular cancer pain which has a market of $2.9 billion USD in global drug sales (2015*) and opioids make up 43% of the prescriptions for this use. Dr. Franciosi goes on to say. “If our clinical trials scientifically demonstrate that our strains are analgesic in cancer patients as well as potentially able to reduce opioid use and related side effects**, we will definitely have the attention of physicians who seek evidence on using the best cannabis strains in this market.”
The current total Canadian market for cannabis is $5 billion CAD of which some 20% is medical (CIBC World Markets, 2016***). With Cannevert’s research, Veritas intends to penetrate 2% of this market over the next 5 years. This would be in the range of $20 million gross with a net profit margin of 30% indicating earnings of $6 million per annum with sales starting in 2018.
*Amadee + Company (2015) – “Prescription Pain Drugs Including Opioid, Anticonvulsant, Injectable/Inhaled, Topical/Transdermal, Medical Marijuana”
**Recreational Cannabis Legalization and Opioid-Related Deaths in Colorado, 2000–2015 (2017, October 11) Retrieved, American Journal of Public Health.
***CIBC World Markets. (2016, January 28). Growing Their Own Revenue: The Fiscal Impacts of Cannabis Legalization. Retrieved April 20, 2016, from Economic Insights.
About Medrio Inc.
Medrio offers eClinical solutions equipped with CloudEDCTM technology platform that reduces costs and timelines in clinical research, accelerating the market arrival of life-saving medical products and facilitating a greater industry-wide output of clinical trials. Medrio’s cloud-based EDC and eSource products are crafted with particular sensitivity to the needs of researchers operating outside of large pharma Phase III, which currently attracts much of the attention from major industry players. Users can use a simple drag-and-drop interface to build studies in days instead of weeks, and enjoy access to a customer support team that knows their names, answers their calls, and is backed by a top-tier customer satisfaction rating. Medrio is the EDC industry’s momentum leader, outgrowing the industry by a factor of 4 and the Phase 1 study market by a factor of 11. Medrio has served over 3,000 clinical trials conducted in all phases and therapeutic areas and submitted to all major regulatory bodies across the globe. For more information, or to schedule an online demonstration or request a free trial, please visit www.medrio.com.
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.
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”
Dr. Lui Franciosi
President and Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.