Stevia Corp. Files Key Provisional Patent Application With the United States Patent and Trademark Office for Cannabidiol (CBD) and Acetaminophen Formulation to Treat Pain
INDIANAPOLIS, IN--(Marketwired - Jan 15, 2015) - Stevia Corp. (OTCQB: STEV)
Acetaminophen is one of the top selling generic drugs worldwide
Cannabidiol gained national attention during the past 24 months
Company's application includes over 10 different claims
Stevia Corp. (OTCQB: STEV) ("Stevia Corp" or the "Company"), an international farm management company and healthcare company focused on the commercial development of products that support a healthy lifestyle, including stevia and hemp and their compounds, is pleased to announce the filing of an important provisional patent application with the United States Patent and Trademark Office for the treatment of pain using acetaminophen and Cannabidiol (CBD). A provisional patent application is a legal document which 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 our provisional application.
Acetaminophen is a pain reliever with a long history of effective use and when consumed as prescribed, it is a well-tolerated and safe medication. Acetaminophen belongs to a class of drugs known as non-opioid analgesics. It is found in many cold medications and in popular products such as Tylenol® (recognized as a registered trademark of Johnson and Johnson) and has been one of the largest selling OTC (over-the-counter) drugs in the world generating billions of revenue each year.
Cannabidiol (CBD) is a molecule which is present in most varieties of the cannabis sativa and cannabis indica plants. Unlike some of the other molecules found in varieties of the cannabis plant, it is non-psychoactive and it is not believed to have any addictive properties. It is also extremely well tolerated at high doses with little or no side effects. Cannabidiol catapulted into a national story after being an important part of the 2013 CNN documentary "Weed" (commonly referred to as the Charlotte's Web Story). The documentary highlighted the story of a little girl, Charlotte Figi, who was suffering from Dravet syndrome, a condition that produces daily epileptic seizures in children. Many people now credit the Charlotte's web story for creating the sweeping changes in medical marijuana laws throughout the United States.
George Blankenbaker, Stevia Corp. commented, "Over the past 12 months, we have been building an internal business plan which we believe will create significant value for our shareholders. It was important that we did not disclose details of these plans until we had the proper protection."
Mr. Blankenbaker continued, "We understand that communication is critical to maintain shareholder support and will continue to update shareholders when important material events occur. The Company must carefully manage disclosure of future plans and do so in a time frame and manner that is informative to shareholders without damaging the Company's competitive position. We believe the application that we have filed with the USPTO allows the Company to pursue a strategic and broad business strategy to legally market and sell a product that can be sold as an OTC healthcare product. Alternatively, we are exploring the possibility of partnering with a large pharmaceutical company that has extensive experience in either the pain care market or experience with acetaminophen."
Mr. Blankenbaker concluded, "At the advice of our intellectual property attorney, we are not going to announce details about the claims within our provisional patent application. We will simply add that the claims are well thought out and we believe future planned developments will put us in an enviable position among all companies in the acetaminophen and cannabidiol markets. We welcome our shareholders and prospective investors to research the size of the acetaminophen market and to also research the worldwide interest being generated for cannabidiol."
A provisional patent application is not required to have a formal patent claim or an oath or declaration. However, an applicant who files a provisional application must file a non-provisional application with the United States Patent and Trademark Office within 12 months of the filing of the provisional patent application in order to benefit from the priority date. Most importantly, the provisional application allows the owner to market products that are believed to be covered by the patent application with "patent pending" status. Stevia Corp filed its application pursuant to other country's patent statutes, which will allow Stevia Corp to claim the priority date in many other countries besides the United States upon the filing of a non-provisional patent application.
The Company filed its patent application with the aid of an intellectual property law firm with extensive experience in pharmaceutical and biotechnology patents.
About Stevia Corp. (OTCQB: STEV)
Stevia Corp is a farm management company and healthcare company focused on developing highly nutritional, high value products through proprietary plant breeding, excellent agricultural methodologies and innovative post-harvest techniques. Stevia Corp invests in R&D and IP acquisition and manages its own propagation, nursery and plantations as well as provides services to contract growers and other industry growers. Stevia Corp was founded on the principal of implementing socially responsible, sustainable, quality agribusiness solutions to maximize the long-term efficient production of nutritional crops. For additional information please visit: www.steviacorp.us.
About the Hemp Industry Sector
Hemp is a crop that can be grown for food and non-food purposes. As a result of its numerous nutritional benefits, many new food products containing hemp seed and its oil are finding their way into the marketplace, including protein mixes, pasta, tortilla chips, salad dressings, snack products and frozen desserts. Non-dairy hemp "milk" beverages, which provide significant amounts of omega 3 essential fatty acids (EFAs) and protein, are also available. Hemp oil is also used in nutraceuticals and health care products as well as industrial applications.
As an industrial fiber source, hemp is undergoing rapid growth as a natural fiber in everything from clothing and textiles to automotive composites. The fiber is also gaining popularity as a building material such as insulation.
The Hemp Industries Association (HIA) estimated that the 2013 retail sales value of hemp food and body care products in the United States was $184 million. When clothing, paper, auto parts, building materials and various other products are included, the HIA estimates that the total retail value of hemp products sold in the US in 2013 to be at least $581 million and included more than 50,000 products.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E 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 forward-looking statements include, among other things, development of a product containing both acetaminophen and cannabidiol, potential joint venture for future product development, potential of CBD for treating diseases, annual retail value of hemp products sold in the U.S., growth of industrial hemp product industry, product development and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. 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.