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Codebase Ventures updates on coronavirus trials of hydroxychloroquine, highlighting promising data

The company owns a minority stake in a company which has recently filed for two US provisional patents for transdermal delivery and oral mucosal delivery of the drug

Hydroxychloroquine spelled out with wooden blocks surrounded by green and white pill capsules
Hydroxychloroquine and chloroquine (CQ) have previous FDA approval for lupus, rheumatoid arthritis and malaria

Codebase Ventures Inc (CSE:CODE) (OTCQB:BKLLF), which owns a 49% stake in a company developing a transdermal hydroxychloroquine (HCQ) patch, told investors Monday that five of seven completed clinical trials of the drug have shown favorable outcomes for coronavirus patients, although more data is necessary. 

Hydroxychloroquine and chloroquine (CQ) have previous FDA approval for lupus, rheumatoid arthritis and malaria. It has been floated by some, including President Trump, as a potential treatment for the coronavirus (COVID-19).

However, in its oral tablet form, side effects can include headache, dizziness, diarrhea, vomiting, blurred vision, and arrhythmia. That’s where the transdermal patch comes in. Delivering the drug through the skin regulates its dosage, improving patient compliance and outcomes, the company said.

READ: Codebase Ventures investee World High Life sees record sales of its Love Hemp brand amid coronavirus pandemic

There are 29 registered trials of HCQ and/or CQ as a treatment for coronavirus, seven of which have been completed. Codebase cited a report published in the journal Academic Emergency Medicine, which showed promising data but flagged some potential concerns.

"Five of seven completed clinical trials have shown favorable outcomes for patients using CQ or HCQ and two of the seven have shown no change compared to control. However, all 7 trials carried varying degrees of bias and poor study design,” the report said. “There is currently not enough data available to support the routine use of HCQ and CQ as therapies for COVID-19."

Results of ongoing trials are expected soon, the company said, including a randomized controlled trial being conducted by NYU Langone and the University of Washington, which has been designed to determine whether hydroxychloroquine is more effective than a placebo in preventing the coronavirus.

The hydroxychloroquine transdermal drug delivery system is expected to be developed by Glanis Pharmaceuticals Inc, which Codebase signed a letter of intent to acquire a 49% interest in on April 16.

Reformulation Research Laboratories Inc, Codebase’s contract lab partners in the venture, have provided evidence that transdermal delivery of hydroxychloroquine can result in improved well being for patients by providing constant drug levels and fewer side effects overall, the company said.

Codebase emphasized again 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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Price: 0.055 CAD

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