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.