Mr. Luke Montaine reports
ROADMAN INVESTMENTS PROVIDES CORPORATE UPDATE
Roadman Investments Corp. has provided the following updates.
Securities and Exchange Commission (SEC) suspension
Further to the company's news release dated May 19, 2020, the company advises that it has not received any further communications from the SEC.
British Columbia Securities Commission (BCSC) continuous disclosure review update
Further to the company's news release dated May 19, 2020, the company advises that the BCSC's continuous disclosure review is still continuing. The company has responded to two comment letters and is actively co-operating with the BCSC. The BCSC has required the company to issue an update on the status of the cedar leaf oil vapor research program, which is provided in this press release under the heading "University of British Columbia research program." At this time, the company is not aware of any additional required updates to its continuous disclosure record. However, the BCSC review is still in progress. The company has implemented a trading blackout for all insiders while the BCSC continuous disclosure review is under way. The company is currently seeking the resumption of trading of the company's securities on the TSX Venture Exchange.
University of British Columbia research program
CLOV Biopharma (CBP), a wholly owned subsidiary of the company, recently commenced and completed its initial research program at UBC on cedar leaf oil vapour (CLOV). The research program took longer than anticipated because of COVID-19 pandemic closures at the lab. However, Dr. Hudson and Dr. Selvarani obtained the required exemptions to allow them to conduct the research. CBP is not permitted to acquire the authentic SARS CoV-2 coronavirus (associated with COVID-19). CBP obtained surrogate coronaviruses 229E and OC43 for testing in substitution of the SARS CoV-2 coronavirus which are commonly used for testing purposes for SARS virus research. In a controlled lab setting, glass slides containing dried specimens of the OC43 test virus were dried in a biosafety cabinet for 10 minutes and exposed to vapor from two millilitres of undiluted cedar leaf oil for various time periods (five, 10, 15 and 30 minutes) at 22 degrees Celsius. The OC43 test virus was partially inactivated after 15 minutes of exposure and fully inactivated after 30 minutes of exposure to CLOV. The company cautions that this is still under early-stage research and development and is not making any express or implied claims that CLOV can eliminate the SARS CoV-2 coronavirus.
CBP will require significant financing to conduct advanced research and apply for regulatory approvals to reach a stage where it could commercialize a consumer product. There is no assurance that commencement of advanced research, product testing or regulatory approvals will occur in a timely fashion or at all.
"Although we are pleased with these initial results, material developments towards commercialization of a product that could be marketed as a treatment or solution to prevent COVID-19 are not expected in the near term. As a result, the company will no longer be actively reporting on the status of CBP or its research program until there has been a material development that would warrant further disclosure," stated Luke Montaine, chief executive officer.
Dr. Selvarani has reviewed and approved the technical disclosure regarding the research program contained in this news release.
We seek Safe Harbor.
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