VAPE Holdings Inc. (OTC: VAPE), a provider of healthy, efficient, and sustainable products to lawfully operating participants in the legal cannabis industry, recently announced that it has filed its second patent application with the U.S. Patent & Trademark Office for a new class of cannabis-derived products for high-value bio-medical applications known as the “NG 200 Series Patents”.

“This patent application is for processes and methods of delivering specific cannabinoid formulations in treatment of a wide range of diseases and medical conditions,” said VAPE Holdings Inc. CSO Dr. Mark Scialdone in the press release. “Our expectation is that our innovations will be of particular interest to the medical community in the treatment of conditions in which successful therapeutic outcome is dependent on localized control of inflammation and pain.”

After filing for the patent, the company will focus on relatively low-cost pre-clinical testing to demonstrate efficacy and safety of preferred delivery methods, with the ultimate goal of commercializing the patents through licensing and partnerships with pharmaceutical and medical device companies developing products targeting diseases and conditions capable of being treated with cannabinoids.

The worldwide bio-medical materials market is worth in excess of $3 billion with attractive growth rates of between 10% and 15% annually. With a strong demand for medical devices and drug delivery formulations, the company’s technology addresses a sizable market that’s positioned to continue expanding.

Shares of Vape Holdings Inc. fell modestly in early trading on Tuesday, May 19, 2015 following the news release.

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