Veritas Pharma Inc. (OTCMKTS:VRTHD) lost 2.82% in the last trading session to close the day at $0.67 following the announcement that the company had filed a claim and was instigating legal proceedings versus Liht Cannabis Corp (OTCMKTS:LIHTF). Following the announcement, Liht saw it’s stock drop 1.21% to close at $0.20.
Legal action against Liht
The company chose to commence proceedings against Liht because of a $1 million loan they advanced to the company. Liht which was initially called Marapharm Ventures Inc. is supposed to pay the loan in addition to accrued interest from the facility. The company defaulted on payment of the loan and although Veritas has made demands for Liht to repay back the loan the latter has refused to make any payment which pushed Veritas to take legal actions.
Dosing of the first subject in CTL-X
Recently Veritas achieved a major milestone when the company indicated that their subsidiary Veritas Pharma Puerto Rico had dosed the first volunteer in CTL-X clinical trial for the treatment of acute pain. CTL-X is the company’s lead cannabis candidate that is under clinical trial. The double-blind randomized crossover trial aims at assessing tolerability, safety, and efficacy of the product as a vaporized single dose in 16 enrolled subjects.
The lead product is supplied by the Institute for medical cannabis which is one of the notable performers in the cannabis sector in Puerto Rico. CTL-X will be evaluated on its analgesics characteristics through stimulated pain on standardized pain scales. The drug candidate was administered by Fundación de Investigación in phase 2/3 and the company is anticipating clinical results from the trial by May 2019.
Scott Alexander, Veritas Medical Director indicated that the company had achieved a significant milestone in dosing the first patients with CTL-X. He added that the company was optimistic that the study will validate the functional therapeutics model of using cannabis for medical purposes through CTL-X’s preclinical data.
Veritas has been growing its reach in the Puerto Rican market that has been growing since following the government’s approval of medicinal cannabis.