VANCOUVER, British Columbia, February 13, 2020 – Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces its preliminary human study results of its lead cannabis treatment for acute pain, CTL-X, as well as, the Company’s new strategy going forward.
Preliminary Results of Clinical Trials
The Company’s wholly owned subsidiary, Cannevert Therapeutics Ltd. (“CTL”), identified a lead cannabis strain, CTL-X, as a potential treatment for acute pain from chemical and biological studies. CTL hired Fundación de Investigación (“FDI”), a Puerto Rican clinical research organization to assess the preliminary safety and efficacy of CTL-X in a group of normal healthy subjects with simulated pain. FDI completed the last subject for this study in the first half of 2019 and then started to process the study data in the latter part of the year with the help of CTL monitors for subsequent statistical analysis.
Safety & Toxicity
Preliminary observations and analysis tend to indicate that subjects tolerated CTL-X in vaporized form and that no notable adverse effects were observed as a result of the use of CTL-X.
This preliminary observations and analysis tend to indicate a mild pain relief effect. These results would be indicative of the need for follow-up study to investigate the effects of CTL-X at higher doses and varying exposure times, the aim would be to optimize both the dosing and delivery of this strain for potential clinical use.
CTL-X Marketing & Commercialization
Given the positive results from the animal studies, the establishment of the safety of CTL-X and the incomplete clinical trials, Veritas may still move forward to commercialize CTL-X as a cannabis product with potential pain relief benefits.
Research and Development Operations
Considering the above preliminary human trials results and the prospect of further substantial research investment, the current state of the cannabis industry and the fact that CTL has been unable to establish any other viable product pipelines, Veritas’ management has decided to suspend all research and development operations and to dismiss all staff involved with such operations.
New Direction and Focus
During 2019 and early 2020, the Company took various measures to reduce costs and off load assets with no prospect of generating revenue in the short to medium term. These assets included 3 Carbon extractions Inc., as well as the Company’s real estate asset in Sechelt, BC.
Veritas’ Interim CEO, Mr. McFadden commented, “our aim during the past 2 quarters has been to refocus, reshape and prepare the Company to mature into a revenue generation phase. The first phase of this strategy was to divest itself from assets with no prospect of producing revenue within the short to medium term. We believe that the Company must focus its efforts on opportunities with a proven outlook of profitability.”
Mr. McFadden further stated that “within the first two quarters of 2020, our focus will be to enter into mergers and/or acquisitions with the prospect of taking the Company into revenue generation. During the past months, we have identified various opportunities and have been in active negotiations with various entities. Our immediate priority is to complete such a transaction and start to generate revenues within the first two quarters of 2020.”
About Veritas Pharma
Veritas Pharma Inc. has developed some intellectual property relating to various cannabis strains. It is the Company’s aim to advance the science behind medical cannabis, by developing the most effective cannabis based treatments for specific disease conditions and acquire income producing assets in the cannabis industry. The Company’s mission is to commercialize its proprietary cannabis products. In addition, Veritas aims to utilize its expertise to enter into mergers and acquisitions with various cannabis industry participants in order to generate revenue by the end of the second quarter of 2020.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Securities 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
Interim Chief Executive Officer & CFO
Investor and Public Relations Contact
Veritas Pharma Inc.
Email: [email protected]
The CSE has not reviewed, nor approved or disapproved the content of this press release.