An acknowledgement letter from the USPTO was received recently which provided a filing number of US 62/558,066 for this application.
VANCOUVER, British Columbia, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) announces that 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 in neuropathic pain. An acknowledgement letter from the USPTO was received recently which provided a filing number of US 62/558,066 for this application.
Neuropathic pain is a chronic pain associated with tissue and nerve fiber damage in conditions such as cancer and diabetes, and it is normally treated with anticonvulsants, antidepressants, anesthetics, and steroids. In 2017, the Global Neuropathic Pain Market Research Report Forecast to 2023 is estimated to be $5.5 billion USD and it is expected to grow to $8.1 billion USD in 2023*. The applicants have demonstrated effectiveness of a strain in a pain situation that is normally refractory to treatment with conventional analgesics.
Veritas CEO, Dr. Lui Franciosi stated, “We want to compete in this large market and this patent application is an important research step as part of establishing a patent estate for Cannevert’s cannabis strains with therapeutic potential in pain.”
From the Canadian perspective, the current total market for cannabis is $5 billion CAD of which some 20% is medical (CIBC World Markets, 2016**). With Cannevert’s research, Veritas intends to penetrate 2% of this market over the next 5 years. This would be in the range of $20 million gross with a net profit margin of 30% indicating earnings of $6 million per annum with sales starting in 2018.
*Global Neuropathic Pain Market Research Report Forecast to 2023. Neuropathic Pain Market Research Report
**CIBC World Markets. (2016, January 28). Growing Their Own Revenue: The Fiscal Impacts of Cannabis Legalization. Retrieved April 20, 2016, from Economic Insights.
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.
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.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.