Veritas Pharma Advances Fifth of Six Equal Payments to Cannevert Therapeutics Ltd.
Accesswire AccesswireJanuary 23, 2017
VANCOUVER, BC / ACCESSWIRE / January 23, 2017 / Veritas Pharma Inc. (CNSX:VRT) (OTC PINK: VRTHF) (2VP.F), an emerging discovery and IP development company, is pleased to announce that it has completed its second to last payment of $250,000 to Cannevert Therapeutics Ltd. (CTL). This latest installment brings Veritas' total investment in CTL to $1,250,000. An additional $250,000 needs to be paid by May 1st, 2017. The final payment will grant Veritas Pharma an 80% ownership interest in CTL, with an option to purchase the remaining 20%.
Cannevert has effectively been acting as the research arm of Veritas, as it currently has an exclusive license agreement to market all proprietary products developed by them. Additionally, all monetary advances made thus far have been used to expand CTL's R&D efforts. With the latest payment, CTL will provide Veritas with a report on its current research program. We anticipate to have it within the next 10 days, at which point the principal results will be announced.
Dr. Lui Franciosi, Veritas' CEO, stated "Cannevert team is composed of a veteran scientific team whom have previously developed successful pharmaceutical drugs and have created over a billion dollars in shareholder value along the way. I believe that our latest payment to Cannevert has solidified our commitment to each other and secures our continued collaboration. I would also like to extend my thanks to those who participated in the last financing, in particular Marapharm Ventures Inc., as it has enabled Veritas to bring this this transaction to the cusp of completion."
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. All payments made by Veritas to date have been used to expand CTL's R&D efforts and this funding has partially been matched by research grants.
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.
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SOURCE: Veritas Pharma Inc.