Codebase Ventures Inc. Updates Advancement on Hydroxychloroquine Strategy

Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) an investment company, wishes to provide an update on its strategy toward the development of a transdermal delivery system for hydroxychloroquine.

Hydroxychloroquine (HCQ) and chloroquine (CQ), are the subjects to multiple studies globally as to the drug’s effectiveness in treating Covid-19. The drug has long standing FDA approved usages for lupus, rheumatoid arthritis and malaria. Overall, there are 29 registered clinical trials focusing on HCQ and/or CQ as a treatment for Covid-19, with 7 trials completed. “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. There is currently not enough data available to support the routine use of HCQ and CQ as therapies for COVID-19.”1

Results of trials underway are expected soon, 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 Covid-19.2

Codebase recently acquired 49% in a private pharmaceutical company which has recently filed for two US provisional patents for transdermal delivery and oral mucosal delivery of chloroquine and hydroxychloroquine. The private pharmaceutical company has a lab services agreement with Reformulation Research Laboratories Inc. (RRL), which has led the development of the patent applications and the underlying technology.

As previously announced, the Company is not making any express or implied claims that HCQ or CQ has any effect in the prevention or treatment of COVID-19 at this time. Developing a transdermal or oral mucosal delivery of these drugs should lead to the lessening of the dosage required and the common side effects felt by current users of these drugs for their on-label treatment for lupus, rheumatoid arthritis and malaria.

1 https://pubmed.ncbi.nlm.nih.gov/32359203/

2 https://www.cnbc.com/2020/04/15/coronavirus-us-clinical-trials-of-hydroxychloroquine-hit-warp-speed.html

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.

For further information, please contact:

George Tsafalas – Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: IR@codebase.ventures

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.

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 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.

Click here to connect with Codebase Ventures (CSE:CODE, FSE:C5B, OTCQB:BKLLF) for an Investor Presentation.

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