SAN JUAN, Puerto Rico, Feb. 11, 2019 (GLOBE NEWSWIRE) — PRESS RELEASE — Veritas Pharma Puerto Rico, Inc., a wholly owned subsidiary of Veritas Pharma, Inc., in partnership with the Institute for Medical Cannabis and the Fundación de Investigación were approved this past Friday for an Investigation License from the Commonwealth of Puerto Rico Medicinal Cannabis Regulatory Board allowing clinical evaluation of their lead cannabis product (CTL-X) in alleviating acute pain. IMC and FDI represent two of Puerto Rico’s leading researchers in medicinal cannabis. The concession is also the first of its kind, representing the first collaboration of such by local partners and a foreign-owned and publicly-traded entity.
The trio’s license marks the commencement of the first human trials for medicinal cannabis to be carried out on the island since the approval of the Medicinal Cannabis Act of 2017 by the Commonwealth government. Veritas has licensed the intellectual property of its patented strains to IMC, whom in turn provide samples to the FDI for direct research to be carried out in the latter’s San Juan-based clinical research facilities. The trial will start this week and it is estimated that they will take up to three months to complete.
FDI operates state-of-the-art facilities and includes a 30-bed phase I unit, an in-house bioanalytical laboratory, experienced multispecialty personnel, and the latest in medical technology. CEO and Chief Scientific Officer Dr. José F. Rodríguez-Orengo is a recognized research specialist on the island, who also acts as Associate Director of the University of Puerto Rico School of Medicine’s Department of Biochemistry. In the past, FDI’s clinical trials have been sponsored by seven of the top ten pharmaceutical companies from around the world.
Veritas’ Director Nick Standish commented, “We are pleased with the news of receiving this research license in Puerto Rico. The Veritas