CALGARY, Alberta, Feb. 28, 2018 (GLOBE NEWSWIRE) — BioCan Technologies Inc. (“BioCan” or the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MoU”) with Veritas Pharma Inc. (“Veritas”) (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP) to collaborate with Veritas on an exclusive basis to undertake further investigations of cannabis strains being developed by the research arm of Veritas, 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.
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’ 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.”
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.
For more information about BioCan, please visit: http://biocantechnologies.com/
About Veritas Pharma Inc.
Veritas is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary, CTL, is advancing the science behind medical cannabis. It is the Veritas’ 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. Veritas’ 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 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 about Veritas, please visit: veritaspharmainc.com
Investor and Public Relations Contact
BioCan Technologies Inc.
Trevor Peters, CEO
Telephone: 403-669-4848
Email: [email protected]
Website: http://biocantechnologies.com/
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, and, more particularly, statements concerning: the Company’s corporate strategy and plans and the ability to exercise thereon; the MoU and the entering into of definitive agreements in respect to the transactions contemplated thereby; and the development of cannabis strains and cannabinoid formulations.
When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Forward-looking statements are subject to a wide range of risks and uncertainties and, although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals; the ability to implement corporate strategies; the state of domestic capital markets; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; and competition from other industry participants.
Except as required by applicable laws, BioCan does not undertake any obligation to publicly update or revise any forward-looking statements.