According to an announcement on April 3, 2020, the US Patent and Trademark Office (USPTO) will be awarding notice of allowance to CV Sciences Inc (OTCMKTS:CVSI) for its patent application 15/426, 617.
Methods to treat smokeless tobacco addiction
The patent comprises methods to treat smokeless tobacco addiction by providing pharmaceutical formulations that comprise nicotine and CBD. USPTO will issue the patent on receiving the requisite fee from CV Sciences and after completing the administrative procedures. CV Sciences has applied for subsequent patents, which enables the company to get similar patent protection in vital areas across the world.
CEO of CV Sciences, Joseph Dowling, said the company is excited to receive notice of allowance from the USPTO for its proprietary technology to treat smokeless tobacco addiction. The IP allows the company to commercialize innovative cannabidiol based pharmaceutical drug to address unmet medical needs.
The market for smokeless tobacco addiction
The worldwide market for smokeless tobacco addiction is estimated at over $2 billion. CV Sciences expects to cash on this trend for long term growth. Also, CV Sciences is targeting the consumer segment for continuous growth. It will take steps to commercialize CVSI-007 and discussing with strategic partners.
The initial drug candidate of CV Sciences – CVSI-007 comprises CBD and nicotine to help users to quit tobacco smoking. It expects a formal patent soon from FDA and continues the development efforts of the first cure for smokeless tobacco addiction.
Misses revenue estimates
CV Sciences has reported revenues of $9.33 million in Q4 2019. It has missed the revenue estimates by 18.91%. However, the company ended the year 2019 on a positive note posting higher annual revenues in its history. It has built a strong foundation for long term growth and broadened retail distribution.
CV Sciences strengthened its leadership and corporate governance in 2019. The company has appointed Joerg as a Chief Finance Officer in early 2019. He brings an invaluable accounting experience to the company. The company has appointed Dr. Duffy MacKay as SVP (Senior Vice President – Scientific and Regulatory Affairs) in Q1 2019. Shane Hart, the new SVP (Marketing and Communications), has made significant improvements by refreshing its flagship brand – PlusCBD Oil.