VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces the resignation of its President, CEO and Director, Dr. Lui Franciosi. Company Interim CFO, Mr. Peter McFadden will fill the executive roles in the interim until a qualified replacement is found.
Dr. Franciosi stated, “It has been a challenging year with the regulatory delays in starting the Puerto Rico human study of CTL-X and the need to raise funds for medical cannabis research. I am pleased to see the study approval has finally come through and that potential funding for Cannevert’s important scientific work has been secured, which means that the Veritas and Cannevert are now set for growth under new leadership. My work with Veritas has been a great experience, however I am extremely excited to give my primary focus to the science side of the business, and I will be available to the company at an advisory capacity to ensure seamless transition.”
Mr. McFadden stated, “The Veritas Board would like to thank Lui for his commitment to investors and to advancing the science behind medical cannabis.” Dr. Franciosi will continue to assist both companies in an operational capacity.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% 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 a 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 markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in 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: www.veritaspharmainc.com
On behalf of the Board of Directors
Mr. Peter McFadden
Interim President and Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.