April 1, 2021
VANCOUVER, BC, CANADA (April 1st, 2021) – Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE: CODE – FSE: C5B – OTCQB: BKLLF) is pleased to provide an update on the continued development of the Company’s proposed transdermal delivery technology for hydroxychloroquine (HCQ), as first announced in April 2020.
The Company engaged TRPL (Transdermal Research Pharm Laboratories) of Long Island City of New York, to conduct a feasibility study which indicates that HCQ has all the required parameters to be a transdermal candidate.
In recognition of the potential value of this legacy asset, and in light of the Company’s current focus upon the blockchain and related emerging technology ecosystem, Code is investigating spinning out its interest in the transdermal delivery technology for HCQ. Details on any such spin out will be provided in the coming weeks as the Company explores deal structures with its partners to ensure Code shareholders benefit.
Code has a 49% interest in Glanis Pharmaceuticals Inc., an arms-length private company which holds provisional US patents for transdermal and oral mucosal delivery of hydroxychloroquine and chloroquine (CQ). The drug is FDA approved as a treatment against malaria, lupus, and rheumatoid arthritis. On the basis of positive results from the feasibility study, the parties are beginning the process from provisional to full patent.
- Market for HCQ forecast to reach $6 billion by 2027* as FDA approved treatment for malaria, lupus, and rheumatoid arthritis
- Code receives positive technical feasibility study results indicating HCQ has all the required parameters to be delivered transdermally
- HCQ transdermal treatment for malaria, lupus and rheumatoid arthritis patients likely to resolve oral tablet side effects as it would bypass the first pass metabolism
Code has received interest in the application of HCQ in a transdermal patch for the underserved patients with malaria, lupus, and rheumatoid arthritis. Current oral tablet delivery of HCQ comes with side effects that transdermal delivery is likely to resolve.
Transdermal delivery can provide a drug plasma concentration at predetermined rate for a predetermined period of time. Safe, consistent doses will make the drug much more effective at reduced dosages required because the GI system is avoided with transdermal delivery. This new delivery method should eliminate or reduce a number of the common side effects of the oral tablet treatment, including nausea, vomiting, loss of appetite, diarrhea, dizziness, or headache, by providing controlled constant delivery.
TRPL has a combined 75 years of expertise in transdermal delivery systems and provides the capacity, equipment and capabilities to advance the development program for a hydroxychloroquine molecule for oral mucosal delivery from research, testing, regulatory approvals through to launch of the hydroxychloroquine oral mucosal delivery system.
The Company also announced that it has engaged Ahead of the Herd for $70,000 as a consultant to provide marketing services over a 6-month period.