Roadman Investments Signs Letter of Intent with CLOV Biopharma Corp.
2020-02-12 07:01 MT - News Release
February 12, 2020 - TheNewswire - Vancouver , British Columbia - Roadman Investments Corp. (TSXV:LITT) (FWB:1QD) (OTC:RMANF) ("Roadman Investments " or the "Company ") is pleased to announce that it has signed a letter of intent with CLOV Biopharma Corp. ("CBP ") pursuant to which Roadman intends to acquire all of the issued and outstanding common shares of CBP.
The mission of CLOV Biopharma Corp. is to conduct further research and development of cedar leaf oil vapour (" CLOV ") for the purposes of preventing the spread of Coronavirus and other similar potentially pathogenic respiratory viruses, for example, influenza and para-influenza viruses, and respiratory syncytial virus. CBP intends to manufacture or source a diffuser that is functional with cedar oil that may be effective in killing viruses to prevent them from spreading. CBP has an exclusive license for the right to acquire and use cedar leaf oil vapour, including certain know-how, industry knowledge, and experience relating to CLOV for the pharmaceutical, healthcare, and biotechnology industries.
Previous studies by Dr. James Hudson, Ph.D have shown that most of the human respiratory viruses tested so far have been found vulnerable to cedar leaf oil and cedar leaf oil vapour. It is expected that corona viruses will be similarly vulnerable. In general, the respiratory viruses not only can kill susceptible cells and multiply and spread, but they can also induce the production of excessive amounts of inflammatory cytokines, which can result in chronic inflammation of the lungs, as in bronchitis. Previous tests have shown that cedar leaf oil can inhibit this process in a model cell culture system.
Coronavirus
Coronaviruses (CoV) are a large family of viruses that cause respiratory illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV) . These two viruses were responsible for pandemics. A novel coronavirus (nCoV), recently formally named "COVID-19" by the World Health Organization, is a new strain that has not been previously identified in humans 1 .
Coronaviruses are zoonotic, meaning they are transmitted between animals and people. Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Other known coronaviruses are circulating in animals that have not yet infected humans.
Dr. James Hudson
Dr. James B. Hudson, Ph.D, Professor Emeritus Department of Pathology & Laboratory Medicine at the University of British Columbia, has completed various publications including "The activity of cedar leaf oil vapor against respiratory viruses" in the Journal of Applied Pharmaceutical Science and "The antimicrobial properties of cedar leaf (Thuja plicata) oil" in the International Journal of Respiratory Public Health. Dr. Hudson will assist CBP with further studies to research the effectiveness of CLOV on the Coronavirus.
Dr. Hudson is considered to be one of the foremost virologists in Canada. His qualifications include a BSc (chemistry/physiology), an MSc (biochemistry), a PhD (molecular biology) a post-doctoral fellowship in molecular virology. In addition, he has received visiting professorships in University of Warwick (UK), 1976-1977, and University of Western Australia (Perth WA) in 1990 and 1992.
Of relevance to Coronavirus, Dr. Hudson conducted a study involving seven (7) respiratory viruses that were tested for infectivity following exposure of dried virus films to certified cedar leaf oil vapor for various periods of time. All were susceptible, although the membrane containing viruses, like CoV, were more vulnerable and were readily killed by short exposures without detrimental effects against the human cells.
Luke Montaine, CEO of Roadman Investments commented, "With the death toll from COVID-19 now surpassing that of the SARS epidemic and having forced approximately 50 million human beings currently into quarantine, the global economic and social impact of this virus is of significant concern. Our aim to expand upon the previous scientific research of Dr. James Hudson in an effort to further validate and, if warranted, potentially commercialize a product that may assist in combating the spread of this and other pathogenic viruses."
Under the terms of the letter of intent, Roadman intends to acquire all of the issued and outstanding common shares of CBP in exchange for 13,000,000 common shares of the Company. Further details regarding the proposed transaction with CBP will be provided in a comprehensive news release, if and when, the parties enter into a definitive agreement.
About Roadman Investments
Roadman Investments is a Canadian Venture Capital and Advisory Firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, completing a transaction with CBP, other statements relating to the financial and business prospects of the Company, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, increase in costs, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
1 World Health Organization
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