Medipure Holdings Inc. (CSE:MDH) announced that its subsidiary, Medipure Pharmaceuticals Inc. has filed a provisional patent application for a therapeutic, cannabinoid-based formulation for pain management, which is the base of Medipure’s MP-10X product line.
As quoted in the press release:
On June 15, 2015, Medipure announced that it had filed a provisional patent application for a cannabinoid-based formulation designed to treat anxiety.
A provisional patent application is a legal document that establishes an early priority date for the benefit of claiming “first to file” status against other companies or individuals that may want to file for a patent with similar claims after the filing date of Medipure’s provisional application.
Boris Weiss, CEO of Medipure, commented:
We are very pleased to formally file this provisional patent, our second in the span of two weeks. Like our earlier filing, this second addition to our portfolio of intellectual property serves to highlight the considerable potential of our research and development efforts. Furthermore, we have now filed patent applications regarding the formulations that make up the foundation of both of our intended initial commercial offerings.
According to Global Industry Analysts, the global market for pain management is expected to reach US $60 billion this year, making it one of the largest segments of the pharmaceutical industry. More than 1.5 billion people suffer from chronic pain, while approximately 3% to 4.5% of the global population suffer from neuropathic pain. However, many currently available pain medications can present unwanted side effects or dependency issues. Our cannabinoid-based medications are intended to create safe, effective alternatives that either mitigate or eliminate these challenges. I am excited to continue moving both MP-10X and MP-20X towards production, and to the benefits they will provide for both patients and doctors.