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Codebase Ventures nabs oral mucosal drug delivery patent filing for hydroxychloroquine

The company has agreed to acquire a minority interest in Glanis Pharmaceuticals, which filed the provisional patent

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Hydroxychloroquine and chloroquine have been approved by the Food and Drug Administration to treat malaria, lupus and rheumatoid arthritis

Codebase Ventures Inc (CSE:CODE) (OTCC:BKLLF) announced Thursday that Glanis Pharmaceuticals Inc — the company it has agreed to acquire a 49% interest in — has filed an additional US patent for the oral mucosal delivery of the drugs hydroxychloroquine (HCQ) and chloroquine (CQ).

Glanis previously filed for a provisional patent covering transdermal delivery of the drugs, which have been approved by the Food and Drug Administration to treat malaria, lupus and rheumatoid arthritis.

They have also been floated as a possible treatment for the coronavirus (COVID-19) by President Trump and others and studies are underway, although no recognized results have been published to date, the company said.

READ: Codebase Ventures says a transdermal patch could mitigate the side effects of possible coronavirus treatment hydroxychloroquine

Regardless, the company believes both new delivery methods could mitigate the side effects associated with HQC and CQ by allowing for a lower dosage with the same efficacy.

"With the previously announced transdermal patch filing, and now this novel oral delivery filing, steps are advancing quickly to satisfy a need for an improved drug delivery system of CQ and HCQ, which can replace the multiple dosage regimen associated with oral tablets and also decrease the probabilities of getting side effects related to GI tract disturbance," Codebase CEO George Tsafalas said in a statement.

Oral mucosal delivery can reduce the dosing frequency of HCQ and CQ, which are currently typically taken 2-3 times each day. The delivery is slow and continuous throughout the duration of oral application, the company said, which means there are no peaks and troughs in drug concentration. 

As consideration for Glanis’ additional provisional patent, Codebase plans to issue up to 6 million common shares and pay US$20,000, as part of a deal with New York laboratory Reformulation Research Laboratories Inc, which developed the patent application and the underlying technology. The shares will be issued at a price of $C0.05 per share.

Codebase is a Vancouver-based investment company that consists of a small, hands-on team of financial and technology experts. It invests in emerging technologies and makes strategic investments in ambitious founders who aim to upend large markets.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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Price: 0.055 CAD

CSE:CODE
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