LOS ANGELES, CA–(Marketwired – Aug 17, 2016) – 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, is pleased to announce that effective immediately, its common stock now trades … Continued
Trading of the company’s stock under the new symbol represents the completion of the company’s transition to Vitality Biopharma, and is reflective of the new company’s mission and focus on the treatment of serious neurological and inflammatory conditions.
Since 2012, the Company has developed a unique capability for production of molecules through glycosylation, a form of enzymatic biosynthesis, which was originally developed to improve the taste of stevia, a high-potency sweetener. As most pharmaceutical companies are focused on chemical synthesis methods rather than enzymatic biosynthesis for the generation of new compounds, the platform is well suited for the discovery of new pharmaceutical products. In late 2015, the Company successfully modified cannabidiol (“CBD”), which is not psychoactive, and in ongoing work has created a novel class of pharmaceuticals known as cannabosides.
Cannabosides may be delivered within a convenient oral drug formulation, and they are prodrugs, where upon ingestion they enable the site-specific delivery and release of cannabinoids like CBD or THC to the gastrointestinal tract. Site-specific delivery could enable more potent therapeutic effects while reducing or eliminating the delivery of psychoactive THC to the brain. The Company is currently developing a cannaboside drug candidate for treatment of inflammatory bowel disease. Approximately 1.4 million Americans are affected by inflammatory bowel diseases, including Crohn’s disease and ulcerative colitis. Most patients are diagnosed before age 30 and require life-long treatment.
Along with the ticker symbol change, a new CUSIP number of 92849B107 has been assigned to the Company’s common stock. Outstanding stock certificates for shares of the Company’s common stock are not affected by the name change; they continue to be valid and need not be exchanged.
About Vitality Biopharma (OTCQB: VBIO)
Vitality Biopharma 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.