VANCOUVER, British Columbia, July 23, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Puerto Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas”), is pleased to announce that it has reached a settlement with Arbutus Biopharma Corporation (“Arbutus”) with respect to the litigation commenced by Arbutus. The claims relate to a commercial lease space, which Veritas no longer believes is necessary for its R&D.
As a part of the mutual settlement, no party has admitted any liability and there has not been any court finding as to the merits of the lawsuit. However, to avoid the expense, burden, and uncertainty of the lawsuit, Veritas has entered into a confidential settlement that will resolve the litigation completely.
Veritas’ Interim CEO and CFO, Mr. Peter McFadden, commented, “I am pleased that we have been able to reach an amicable agreement that enables the management to continue to focus on creating value for our shareholders.”
About Veritas Pharma
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company. It is the Company’s aim to advance the science behind medical cannabis, by developing the most effective cannabis strains (cultivars) specific to disease conditions such as acture and chronic pain. Veritas’ unique value proposition uses a low-cost research and development model to help drive shareholder value and speed-to-market.
Veritas’ is led by a strong management team, bringing together veteran academic pharmacologists and 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.
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: veritaspharmainc.com
On behalf of the Board of Directors
Interim Chief Executive Officer & CFO
The CSE has not reviewed, nor approved or disapproved the content of this press release.