Vancouver, B.C. / TheNewswire / March 7, 2017 – 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: ir@veritaspharmainc.com

Website: www.veritaspharmainc.com

 

The CSE has not reviewed, nor approved or disapproved the content of this press release.