Formal Issuance of a U.S. Patent Strengthens Drug Development Business and Provides Valuable Intellectual Property to Address Large Unmet Market Opportunity
SAN DIEGO, May 20, 2020 (GLOBE NEWSWIRE) — CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced that on May 19, 2020, the Company received its formal Notice of Issuance from the U.S. Patent and Trademark Office (USPTO) 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.
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. “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. 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.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ Oil products are sold at more than 5,700 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences’ state-of-the-art facility follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s full spectrum hemp extracts are processed, produced, and tested throughout the manufacturing process to confirm the cannabinoid content meets strict company standards. With a commitment to science, PlusCBD™ Oil’s benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ Oil was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
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Scott Van Winkle
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