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Veritas Pharma Inc
Symbol C : VRT
Shares Issued 51,016,949
Close 2018-05-04 C$ 0.415
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Veritas creates new subsidiary in Puerto Rico

2018-05-04 20:09 ET - News Release

Dr. Lui Franciosi reports

VERITAS PHARMA ESTABLISHES NEW SUBSIDIARY IN PUERTO RICO, USA

Veritas Pharma Inc. has established new subsidiary Veritas Pharma Puerto Rico LLC (Veritas PR) in the U.S. territory. With the management and regulatory guidance of Essentium Group LLC, Veritas PR establishes a foothold for the scientific investigation, product development and commercialization of cannabis-based therapies in Puerto Rico and throughout Latin America.

Veritas PR will commence the coming human trials of Cannevert Therapeutics Ltd.'s (CTL's) lead cannabis strain, CTL-X. The trials are being conducted by Fundacion de Investigacion (FDI) clinical research facilities in San Juan, Puerto Rico. The study will be done in two stages to assess the analgesic effects of this lead strain. The first stage will have an open-label design to look at the feasibility of two doses of CTL-X in five subjects while the second stage will use a randomized, double-blind, crossover design to assess one dose of CTL-X against a placebo control strain in subjects who will be exposed to various modalities of acute pain. The Institute for Medical Cannabis (IMC) Corp. of Puerto Rico will prepare and supply the CTL-X and placebo for the coming studies.

Veritas's chief executive officer, Dr. Lui Franciosi, stated: "We are pleased with our partnerships in Puerto Rico, especially with FDI and IMC. Both are reputable, scientifically minded companies, who possess all the required licences to conduct our collaborative activities in Puerto Rico. With their assistance, Veritas PR will aim to bring the Cannevert brand of evidence-based therapies to the Puerto Rican market."

Puerto Rico is one of the world's best-known pharmaceutical production and development centres with a growing biotech presence. Most of the biggest pharmaceutical companies have used this U.S. territory as a manufacturing or outsourcing base due to its established infrastructure, highly skilled labour force, popular tax incentives and immediate access to the U.S. market. Around 60 per cent of Puerto Rico's export value is pharma-related and over 25 per cent of the country's GDP comes from the pharma industry (Puerto Rico report, 2017). In 2015, the territory legalized the use of medical cannabis to treat at least 14 preapproved conditions, including pain, HIV, cancer, multiple sclerosis, migraines, anxiety and epilepsy. As of today, there are nearly 926,000 Puerto Ricans who have paid $25 (U.S.) a year for a permit to use medical cannabis, and there are 65 medical cannabis establishments with a licence to operate, which represents a rapid growth in a relatively young industry (El Vocero, May 1, 2018).

About Veritas Pharma Inc.

Veritas Pharma is an emerging pharmaceutical and IP (intellectual property) development company, which, through its 100-per-cent-owned subsidiary Cannevert Therapeutics (CTL), is advancing the science behind medical cannabis. It is the company's aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD (posttraumatic stress disorder), 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's investment in CTL is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists and chemists.

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