- Investment company, Codebase Ventures (CSE:CODE), is seeing further interest in the COVID-19 candidate drug, hydroxychloroquine, with new studies now commencing around the world
- Earlier this month, the company invested in private company with the provisional rights to a transdermal drug delivery system for hydroxychloroquine
- The World Health Organisation recently commenced its Solidarity trials, where four drugs, including Hydroxychloroquine, was chosen for widespread testing in 90 countries
- Further trials into the drug’s effectiveness against COVID-19 have also been announced in the UK and US
- Codebase Venture (CODE) is up 40 per cent, with shares trading at C$0.035 and a market cap of $11.02 million
Codebase Ventures (CSE:CODE) is seeing further interest in the COVID-19 candidate drug, hydroxychloroquine, with new studies commencing around the world.
Earlier this month, the company invested in private company with the provisional rights to a transdermal drug delivery system for hydroxychloroquine.
Hydroxychloroquine is currently used to treat malaria, lupus and rheumatoid arthritis. However, recently a number of high-profile studies have emerged around the world, which are now testing the drug’s efficacy against COVID-19.
The World Health Organisation recently commenced its Solidarity trials, where four drugs, including Hydroxychloroquine, were chosen for widespread testing. The WHO’s trial is being tested across 90 countries to find quick pharmaceutical solutions to the global pandemic.
Furthermore, a randomised control trial of the drug is being undertaken in the UK across 130 hospitals. In America, Universities in New York and Washington are also studying the drug to determine its role, if any, in treating the novel coronavirus.
The drug is usually applied for its auto-immune suppression characterics. However, in these new trials, the drug’s anti-viral qualities, thus far only seen in test-tube scenarios, are being explored.
The hope is that the drug could slow the rate at which COVID-19 attacks cells within the body and replicates.
Despite the drug’s momentum, the company was quick to point out that, so far, there is no substantial evidence that Hydroxychloroquine can eliminate or cure COVID-19.
George Tsafalas, President and CEO of Codebase Ventures, appears cautiously optimistic about the drug’s recent industry buzz.
“It is encouraging to see the momentum on these studies build so rapidly to address the current pandemic.
“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,” he said.
Codebase Venture Inc (CODE) is up 40 per cent, with shares trading for C$0.035 at 10:39am EST.