Vitality Biopharma, Inc. (OTCQB: VBIO) is in the business of developing cannabis-based treatments for a variety of ailments, illnesses, and diseases. Shares of the cannabis company are rallying 11% on Thursday, March 2, 2017. Over the past month, Vitality Biopharma, Inc. has seen average daily volume of 237,204 shares. However, volume of 416,536 shares or dollar volume of $799,749, has already exchanged hands through afternoon trading today.
Shares of Vitality Biopharma, Inc. are gaining Thursday, after the company announced that it has developed a proprietary strain of THC, which greatly reduces or eliminates the psychoactivity of the cannabis compound. The company is now working on a different treatments that the new THC compound can be used, such as pain and inflammation. Here is the full press release detailing of the proprietary THC compound:
Vitality Biopharma, Inc. Press Release:
LOS ANGELES, CA–(Marketwired – Mar 2, 2017) – Vitality Biopharma, Inc. ( OTCQB : VBIO ) (“Vitality” or the “Company”), a corporation dedicated to the development of cannabinoid prodrug pharmaceuticals and to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders, today announced that it has created a library of proprietary glycosides of THC (delta-9-tetrahydrocannabinol), the main psychoactive chemical found in cannabis or marijuana, which enable targeted delivery that reduces or eliminates psychoactivity when used in oral drug formulations.
These compounds are being developed as pharmaceuticals that enable site-specific targeting of the THC in various tissues of the body, where it can exert therapeutic effects for treatment of pain and inflammation. In December, Vitality obtained DEA approval for its research and development facilities located in California, and it has now completed preclinical pharmacokinetics studies with its proprietary THC glycosides to analyze their bioavailability. The Company has confirmed that large concentrations can be delivered orally without significant transit of THC to the brain, enabling their formulation within pharmaceuticals where drug psychoactivity will be reduced or eliminated.
“This new drug opens up novel opportunities for treatment of pain and inflammation,” said Dr. Brandon Zipp, Director of R&D at Vitality. “We can now exploit the cannabinoid receptor system without systemic THC that compromises cognitive function.” Robert Brooke, CEO of Vitality, adds that, “It is THC without the high and could be a game changer, especially for treatment of indications like Crohn’s disease and for use in children.”
About Vitality Biopharma, Inc. ( OTCQB : VBIO )
Vitality Biopharma, Inc. is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. For more information, visit: www.vitality.bio. Follow us on Facebook, Twitter and LinkedIn.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.