Veritas Pharma signs memorandum of understanding with BioCan Technologies
OREANDA-NEWS. Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP) (“Veritas” or the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MoU”) with BioCan Technologies Inc. (“BioCan”) of Calgary, Alberta to collaborate with BioCan on an exclusive basis to undertake further investigations of cannabis strains being developed by its research arm, Cannevert Therapeutics Ltd. (“CTL”).
The focus will be to optimize the genetics of their cannabis plants for scientific and clinical testing over the next two years. Pursuant to the MoU, definitive agreements in respect of the transactions contemplated in the MoU are expected to be executed by the parties on or before July 31, 2018.
Veritas’ CEO, Dr. Lui Franciosi stated, “BioCan’s geneticists will help CTL scientists further develop proprietary strains that can produce consistent and optimal therapeutic effects in patients. We want to put in place a collaborative agreement with BioCan, which will outline this development work and related intellectual property as well as the approach to profit-sharing.”
BioCan’s CEO, Trevor Peters, stated, “We are pleased to be working with Veritas and their scientific teams to develop medically relevant cannabis strains and cannabinoid formulations with optimal therapeutic properties. BioCan is looking forward to establishing an agreement that leverages the capabilities of both parties in producing medicines for the benefit of patients seeking treatments, but also in creating value for our respective shareholders.”
Veritas Pharma’s goal is to have a branded analgesic strain available starting next year in select markets. This strain’s dose and method of administration will be standardized to actively compete with over-the-counter analgesics as well as potentially reduce or eliminate opioid use in the acute and chronic pain. With the help of Cannevert scientists, the Company aims to continue providing physicians and patients with scientifically tested and clinically proven cannabis therapies.
About BioCan Technologies Inc.
BioCan is a grower orientated company that is investing in discovery based research to facilitate new product offerings and growing systems for high value crops. BioCan will leverage its expertise in molecular genetics to support cultivar development for cannabis/hemp (Cannabis sativa) and hop (Humulus lupulus) plants, all of which are sources of valuable essential oils. BioCan’s research not only furthers the fundamental understanding of how specialized metabolite (e.g. Cannabinoids and Terpenes) biosynthesis is regulated, but also provides important targets for product development pipeline. BioCan has a corporate office in Calgary Alberta, has established research collaborations at the University of British Columbia, and has its private laboratory and research facility in Burnaby, British Columbia.
The Company also announces the issuance of 1,000,000 stock options at $0.62 to directors, management, and consultants of the Company for a term of twelve (12) months.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary Cannevert Therapeutics Ltd. ("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, 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 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.