VANCOUVER, August 3, 2016 /PRNewswire/ --
Veritas Pharma Inc. ("VRT" or the "Company") (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) is pleased to announce that through Cannevert Therapeutics Ltd, Veritas' research arm, has developed several candidate cannabis strains and is now fully engaged in chemical and biological assessment of these key strains. While chemical assays allow for identification of therapeutically active cannabinoids along with other molecules, biological assays will confirm the clinical utility of each strain. Veritas' focus is to develop cannabis strains effective in treatment of conditions such as cancer pain, nausea, vomiting, and PTSD. The company's goal is to develop and patent its cannabis research, while providing physicians and the medical community with the necessary evidence to recommend Veritas specific strains with confidence for each specific condition.
Veritas Pharma CEO, Dr. Lui Franciosi stated, "We are extremely pleased with the progress being made; Further recruitment and recent additions to the R&D team now stands at 16 qualified individuals to advance and deliver on our R&D goals within the intended timelines. Thus far, six cannabis strains have already undergone both chemical and pharmacological analyses with many more strains being processed over the coming weeks."
Prof. Michael Walker, the President and Head of Biology of Cannevert, strongly believes that the recruitment of additional staff will assist them tremendously with its scientific mandate. "Having hired adequate staff to conduct vital experiments will accelerate the finding of potential therapeutic cannabis strains. We are eager to analyze as many strains as possible over the coming months", indicated Prof. Walker.
Additionally, Cannevert is currently well funded and expects to apply to match its existing research funds through available industry-academic grants. The results of these grant applications are expected to be announced within the Q3 and Q4 2016.
About VERITAS Pharma Inc.
Veritas Pharma Inc. is an early stage pharmaceutical company developing innovative medicinal cannabis cultivars for specific disease conditions such as chronic pain, emesis (nausea/vomiting), and epilepsy. Using a 'lean and mean' approach to product development, the company aims to select candidate cultivars using classical pharmacology techniques and then immediately evaluate them in the clinic to maximize both product value and shareholder return. Veritas's scientists are an inter-disciplinary team that consists of chemists, pharmacologists, anesthetists, and clinical pharmacologists. Their focus is to use their knowledge to streamline the development of cannabis based treatments to capture considerable market share.
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 http://www.veritaspharmainc.com or under our profile on SEDAR at http://www.sedar.com and on the CSE website at http://www.thecse.com.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
DISCLAIMER: Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the results of the research and development activities, and the continued ability of the Company to raise additional financing. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the any future changes to laws pertaining to the use of cannabis derived pharmaceuticals, prices and demand for cannabis derived pharmaceuticals, future currency and interest rates. Additionally, if the Company is unable to obtain additional financing, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The CSE has not reviewed, nor approved or disapproved the contents of this press release.
SOURCE Veritas Pharma Inc.