VANCOUVER, BC / ACCESSWIRE / April 16, 2020 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF), an investment company, is excited to announce that it has finalized a definitive agreement as of April 15th, 2020, securing the rights to an innovative drug delivery system for hydroxychloroquine.
"Codebase has finalized an exclusive agreement to launch a development transdermal patch program for hydroxychloroquine," said Mr. George Tsafalas, Codebase President & CEO. "Hydroxychloroquine in its current decades-old oral tablet form is subject to inconsistent dosing and side effects including nausea, vomiting, blurred vision, headache and overall toxicity."
- Hydroxychloroquine has been heavily publicized as a promising drug treatment available today for Covid-19
- CODE has agreed to acquire a 49% interest in a private company that has secured the rights to the recently applied provisional patent application for a transdermal delivery system for hydroxychloroquine (HCQ)
- On March 28th, the FDA approved the emergency use of HCQ for Covid-19 patients and health care workers in an unprecedented move
- This transformative delivery system will initially target Covid-19 through the FDA 505(b)(2) accelerated pathway provisions, and in the long term for the drug's FDA approved applications for malaria, lupus and rheumatoid arthritis - providing an innovation for those long-term patients who have depended on HCQ for decades and had to accept the side effects related to oral delivery.
Codebase has entered into an arms-length agreement to acquire a 49% interest in a private company, Glanis Pharmaceuticals Inc, that has recently filed for a US provisional patent for the transdermal delivery of hydroxychloroquine. The Company will issue up to 35 million common shares to the shareholders of this private company, as well as another 25 million shares pursuant to a lab services agreement with a New York based laboratory, Reformulation Research Laboratories Inc. (RRL), that developed the patent application and the underlying technology. These shares will be issued at a deemed price of $0.05 per share. The agreement is subject to closing conditions usually found in transactions of this kind.
While hydroxychloroquine is the subject of various early studies of its effectiveness against the Covid-19, its present on-label uses as a treatment against malaria, lupus and rheumatoid arthritis provides a ready market for this proposed new delivery system. This new delivery method should eliminate or reduce a number of the common side effects of this treatment, including nausea, vomiting, loss of appetite, diarrhea, dizziness, or headache by providing a controlled constant delivery.
Transdermal delivery can provide a drug plasma concentration at predetermined rate for a predetermined period of time, potentially drastically reducing side effects from decades-old oral tablets. Safe, consistent doses will make the drug much more effective at reduced dosages required because the GI system is avoided with transdermal delivery.
RRL has a combined 75 years of expertise in transdermal delivery systems that provide the capacity, equipment and capabilities to advance the development program for a hydroxychloroquine molecule for transdermal delivery from research, testing, regulatory approvals through to launch of the hydroxychloroquine transdermal delivery system.
The current phase of development includes literature search and pre-formulation studies.
The Company's scientific expert has read and approved the scientific disclosures contained in the press release.
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 at this time.
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
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 successful development of a transdermal patch, the successful results of trials, other competing products, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. 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.