The patent covers methods of treating smokeless tobacco addiction.
CV Sciences, Inc. (OTCQB:CVSI), a preeminent supplier and manufacturer of hemp cannabidiol products, today announced that on May 19, 2020, the Company received its formal Notice of Issuance from the U.S. Patent and Trademark Office for its patent application 15/426,617.
The patent covers methods of treating smokeless tobacco addiction by administering pharmaceutical formulations containing CBD and nicotine. The communications between the USPTO and the Company conclude substantive examination of the patent application, resulting in formal issuance of the patent. CV Sciences has also filed corresponding patent applications that will allow the Company to seek similar patent protection in other key markets throughout the world.
This intellectual property positions CV Sciences to derive significant value from our development efforts with an important therapeutic drug that has the potential to transform healthcare given the public health, societal and economic damage caused by nicotine addiction.Joseph Dowling, Chief Executive Officer
The worldwide smokeless tobacco addiction treatment market is estimated at greater than $2 billion and provides another important long-term growth channel for CV Sciences, in addition to the Company's consumer product segment.
"USPTO's patent issuance demonstrates that our proprietary technology, the first-of-its-kind treatment for smokeless tobacco addiction, is based on unique science-backed by years of research and development," said Joseph Dowling, Chief Executive Officer, CV Sciences. " With this patent, our years of investment, research and hard work is now validated, and we are well-positioned and proud to take the next steps towards bringing to market an innovative solution to address a huge unmet medical need and global health issue."
Dowling continued, "The validation of patent protection provides CV Sciences with significant flexibility in moving this drug program forward, including potential co-development with a strategic and/or financial partner, as well as drawing on existing company resources to finance our drug development activities."
In light of this patent issuance, the Company has decided to form a new wholly-owned C-Corporation to which it will transfer the assets and operations of its drug development program, providing the Company with greater flexibility to fund and/or partner its drug development efforts and to separate a distinct operating segment from its consumer products operations.
The Company's initial drug candidate (CVSI-007) contains nicotine and CBD to support cessation of smokeless tobacco use and addiction. With USPTO's formal issuance of the patent, CV Sciences will continue development efforts as the Company seeks approval from the U.S. Food and Drug Administration (FDA) to commercialize the world's first and only FDA-approved treatment for smokeless tobacco addiction.
To learn more about CV Sciences, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!