SAN DIEGO, April 06, 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 April 3, 2020, the Company learned that it will be receiving a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for the Company’s 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, which is now expected to issue as a patent once the issue fees are paid and the USPTO concludes their administrative procedures. 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.
“We are very pleased to receive this Notice of Allowance for our proprietary technology, the first-of-its-kind treatment for smokeless tobacco addiction,” said Joseph Dowling, Chief Executive Officer, CV Sciences. “This intellectual property provides us with significant value and opportunities to commercialize a novel CBD-based pharmaceutical drug addressing a significant unmet medical need. The worldwide smokeless tobacco addiction treatment market is estimated at greater than $2 billion and provides another important long-term growth channel for our company, in addition to our consumer product segment. We look forward to taking our next steps towards commercialization of CVSI-007, including discussions with potential strategic partners.”
The Company’s initial drug candidate (CVSI-007) contains nicotine and CBD to support cessation of smokeless tobacco use and addiction. Following formal issuance of the patent, expected over the coming months, CV Sciences will continue development efforts as the Company seeks authorization 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.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.
Scott Van Winkle
Original Source and Content: https://www.globenewswire.com/news-release/2020/04/06/2012133/0/en/CV-Sciences-Inc-Receives-Notice-of-Patent-Allowance-from-USPTO-for-Proprietary-Cannabidiol-CBD-and-Nicotine-Formulation-for-Treating-Smokeless-Tobacco-Addiction.html