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Codebase encouraged by global hydroxychloroquine coronavirus studies after investing in transdermal drug delivery patch

The company signed a binding letter of intent to invest in a company that owns the rights to a provisional patent for a hydroxychloroquine transdermal patch

Hydroxychloroquine spelled out with wooden blocks surrounded by green and white pill capsules
Hydroxychloroquine has been approved by the US Food and Drug Administration as a treatment for malaria, lupus and rheumatoid arthritis

Codebase Ventures Inc (CSE:CODE) (OTCQB:BKLLF) has issued an update to investors on the status of global studies of hydroxychloroquine as a potential treatment for coronavirus (COVID-19), after the company last week secured the rights to a transdermal delivery system of the drug.

The company signed a binding letter of intent to acquire a 49% interest in Glanis Pharmaceuticals Inc, an arms-length private company that owns the rights to a provisional patent for a hydroxychloroquine transdermal patch. 

Hydroxychloroquine has been approved by the US Food and Drug Administration as a treatment for malaria, lupus and rheumatoid arthritis. It has been highlighted by some — including President Trump — as a possible coronavirus treatment.

READ: Codebase invests in company developing hydroxychloroquine transdermal treatment to help coronavirus patients

Codebase pointed to a global clinical trial known as Solidarity launched by the World Health Organization, which is operating in 90 countries to evaluate four treatment options against standard of care.

Elsewhere, the world’s largest randomized, controlled clinical trial of coronavirus treatments, including hydroxychloroquine, has begun in the UK under the name Recovery. 

In the US, the NYU and University of Washington have fast-tracked and enrolled the first patients in a major clinical trial to evaluate the effectiveness of hydroxychloroquine at preventing the coronavirus. 

“It is encouraging to see the momentum on these studies build so rapidly to address the current pandemic,” Codebase CEO George Tsafalas said in a statement. “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 trials are focused on hydroxychloroquine’s ability to lessen the impact of an overactive immune system, which makes it an effective treatment for autoimmune diseases such as lupus.

Codebase emphasized that the company is not making any claim that hydroxychloroquine has the ability to eliminate or cure the coronavirus at this time.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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