Vitality Biopharma Inc (OTCMKTS:VBIO) has obtained nod from both the U.S. DEA and the State of California Research Advisory Group which permits the firm to boost up activities at its facilities utilized for the advancement of unique cannabinoid pharmaceutical prodrugs.
The highlights
Vitality has been functioning with the DEA to confirm acceptable on-site initiatives are in place to avert deviation of Schedule I controlled constituents. As a constituent of this procedure, Vitality’s preclinical trials for its proprietary prodrugs of THC and CBD were approved and reviewed by the U.S. FDA. The California Research Advisory Group has also given company a research permit to perform cannabinoid pharmaceutical advancement activities that are intended to provide regulatory nod of first-in-man clinical studies.
Regardless of cannabis achieving legal designation within the State of California and in numerous other states across the United States for recreational and medical objectives, pharmaceutical research and advancement remains to be closely managed by the FDA and DEA. Vitality’s work is emphasized on advancing a unique class of CBD and THC prodrugs that avoid or minimize psychoactive side impact through directed prodrug technology.
Dr. Brandon Zipp, the Scientific Co-founder and Director of R&D, said that they are thrilled to scale up their research and to aggressively follow clinical testing of their compounds, and this nod greenlights that function. Robert Brooke, the CEO of Vitality, said that there are remarkably few firms in the U.S. that are properly licensed and advancing differentiated cannabinoid pharmaceutical items. They are extremely proud of their team’s work to permit this milestone, and consider that fresh discoveries have provided them with a unique opportunity.
Vitality Biopharma is committed to using the power of cannabinoids for the treatment of grave neurological and inflammatory conditions.
In the last trading session, the stock price of Vitality surged over 17% to close the day at $1.70. The gains came at a share volume of 1.67 million compared to average share volume of 223,347.
