Codebase investee has secured rights to Transdermal Hydroxychloroquine Drug Delivery System
VANCOUVER, BC / ACCESSWIRE / April 20, 2020 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF), an investment company, is pleased to build upon its announcement of April 16th regarding its binding letter of intent to invest in an arms-length private company with rights to a provisional patent for a transdermal drug delivery system for hydroxychloroquine (HCQ), a drug currently used to treat malaria, lupus and rheumatoid arthritis, and being tested as a potential treatment for COVID-19. Hydroxychloroquine is now being tested on a global basis for the treatment and prevention of COVID-19, highlights include:
- World Health Organization launches Solidarity clinical trial now in 90 countries on treatment efficacy
- UK wide randomized, controlled trial in over 130 hospitals called Recovery is underway
- NYU and University of Washington fast track major clinical trial to determine role of HCQ in prevention of coronavirus
Approved by the FDA for malaria, lupus and rheumatoid arthritis, hydroxychloroquine and chloroquine are one of four potential treatments that the World Health Organization has included in its global Solidarity Clinical Trial for COVID-19 Treatments.1 Currently, there are 90 countries participating in Solidarity.
As it relates to hydroxychloroquine and chloroquine, clinical trials focus upon the drug's application for autoimmune diseases like lupus and rheumatoid arthritis, where the drug works to lessen the impacts of an overactive immune system, and HCQ's potential antiviral effects, which have been demonstrated in test-tube scenarios. The potential benefit to COVID-19 patients include the potential to mitigate an overactive immune system response where the body is essentially attacking itself and on the antiviral front, the hypothesis is that it could prevent the virus from attacking cells and replicating.2,3
The world's largest randomized, controlled clinical trial of potential coronavirus treatments has begun in the UK, where hydroxychloroquine is one of four treatments being studied across 130 hospitals.4 Named Recovery, the trial is funded by a grant to the University of Oxford from the U.K. Research and Innovation/National Institute for Health Research (NIHR) and the Bill and Melinda Gates Foundation, among other organizations.5
In the United States, a major randomized controlled clinical trial focused on the preventative role hydroxychloroquine can play in relation to COVID-19 has been fast tracked and now has its first patients - the study is jointly led by NYU Langone and the University of Washington.6
"It is encouraging to see the momentum on these studies build so rapidly to address the current pandemic," said Mr. George Tsafalas, Code President and CEO. "The influx of new information and precedent supports our lab partners in the process of conducting their initial phase of literature search and reformulation studies as previously announced."
The Company is not making any express or implied claims that hydroxychloroquine or chloroquine has the ability to eliminate, cure or contain COVID-19 at this time.
3 https://www.livescience.com/chloroquine-coronavirus-treatment.html
5 https://www.recoverytrial.net/
About Codebase Ventures Inc.
Codebase Ventures Inc. is an investment company, led by technology and business experts who invest early in great ideas in sectors that have significant upside, including the cannabis sector. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow's standards with platforms, protocols and innovations - not just products. We invest early, support those founders, take their ideas to market and work tirelessly to help them realize their vision.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
George Tsafalas - Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals, results of clinical trials, competition from larger and better financed competitors, market acceptance and the ability to effectively develop a transdermal delivery system. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Codebase Ventures Inc.