(CSE: $VRT.C) (OTC: $VRTHF) News: US Patent Office Acknowledges Provisional Patent Application for Use of Specific #Cannabis Strain to Enhance Opioid Analgesia
Patent Filed by Veritas’ Research Arm Cannevert
Vancouver, B.C. - November 28, 2017 (Investorideas.com Newswire) Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), ("Veritas" or the "Company") announces its research arm, Cannevert Therapeutics Ltd. ("CTL") filed a provisional patent application to US Patent and Trademark Office (the "USPTO") on September 13, 2017 for use of a specific cannabis strain to enhance the actions of opioid analgesics. An acknowledgement letter from the USPTO was received recently which provided a filing number of US 62/558,021 for this application.
Opioids are substances that are derived from the opium poppy plant. They bind to the human body's own opioid receptors to provide pain relief or 'analgesia' for patients with acute or chronic pain when prescribed legally; morphine is an example opioid analgesic. Use of these drugs for a brief time is considered safe for pain management. However, when they are overprescribed and/or frequently misused, they produce a sense of euphoria along with relieving pain. Hence, drug dependence can occur despite using them as prescribed over prolonged periods with the potential of fatal overdose. Opioid overdose contributed to more than 33,000 deaths in 2015 according to US Centers for Disease Control and Prevention. Heroin and fentanyl are the most widely known opioids for their illegal, recreational use, abuse potential and fatal overdoses. Cannabis contains substances called cannabinoids that appear to bind to human body's own cannabinoid receptors to also produce similar effects to those of the body's opioids in mediating analgesia and behavioral effects. However, they do not have the same drug dependence or overdose potential. When cannabinoids and opioids are combined, they appear to augment each other's effects synergistically. Therefore, the combination may allow for opioids to be used at lower doses with fewer side effects for the treatment of pain and related addiction. According Coherent Market Insights*, the global opioids market was approximately USD $17b in 2015 and is forecasted to moderately increase to near USD $26b in 2024. It indicates that legal cannabis is expected to impact the opioids market growth as it gets adopted as a safe alternative pain relieving therapy to opioids and it is increasingly being used to address related addiction. According to the World Drug Report 2016, approximately 17 million people suffered from opioid drug abuse.
Veritas CEO, Dr. Lui Franciosi stated, "We are pleased with Cannevert's latest submission to protect its discovery of a cannabis strain that could potentially reduce the dose and side effects of clinically used opioids while maintaining a good pain relieving effect for patients." Dr. Franciosi goes on to say, "This strain could be also potentially useful in addressing the current fentanyl crisis throughout North America. If we're targeting pain or opioid addiction, we want to deliver a scientifically tested, standardized product that clinicians can rely upon."
Also, to note, the Company will be issuing 1.1 million stock options based on today's closing price of CAN$0.81 cents.
*Global Opioids Agonist Drugs Market, By Product Type (Codeine, Fentanyl, Meperidine, Methadone, Morphine, Hydrocodone), Therapeutic Application (Pain Management, Cough Treatment, Diarrhea Treatment), and Geography - Trends, Analysis and Forecast till 2024 (Market Report - March 2017)
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging-stage pharmaceutical and IP development company, who, through its 80% owned 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
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President 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.
Investor and Public Relations Contact
Veritas Pharma Inc.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
This news is published on the Investorideas.com Newswire - News that Inspires big ideas Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. Disclosure this news is a paid for news release on the Investorideas.com newswire by Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF) Learn more about costs and our newswire service http://www.investorideas.com/News-Upload/
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.