B.C. Securities Commission warns about companies aggressively promoting COVID-19 cure

In this illustration provided by the Centers for Disease Control and Prevention (CDC) in January 2020 shows the 2019 Novel Coronavirus (2019-nCoV). This virus was identified as the cause of an outbreak of respiratory illness first detected in Wuhan, China. THE CANADIAN PRESS/CDC via AP, File.

The British Columbia Securities Commission is warning the public to “exercise extreme caution” in dealing with companies aggressively promoting products or initiatives to detect, cure or treat COVID-19.

The securities commission singled out Revive Therapeutics Ltd., which is currently promoting a potential cure to the virus in North America and Europe.

The pharmaceutical company is based in Ontario and listed on the Canadian Securities Exchange.

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“Germany’s Federal Financial Supervisory Authority has issued an investor alert about Revive, warning that buy recommendations are currently being made on a large scale in the form of market letters and e-mails,” a statement from the B.C. Securities Commission reads.

“The promotions in Germany make aggressive claims about Revive’s potential success in treating COVID-19 and the prospects of investors receiving large profits.”

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The commission is reminding investors to be cautious when considering aggressive promotions as a basis for investment decisions as these promotions may make false claims of large profits.

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The warning can also be extended to the public consuming the information with their own health in mind.

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Provincial health officer Dr. Bonnie Henry has said repeatedly there is no vaccine or any health product that has proven successful in treatment or protection against COVID-19.

According to its website, Revive Therapeutics Ltd. is a life sciences company that is exploring the use of the drug Bucillamine as a potential novel treatment for infectious diseases including influenza and COVID-19. The company has applied for a provisional patent with the U.S. Patent and Trademark Office entitled “Use of Bucillamine in the Treatment of Infectious Diseases.”

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“Revive was founded on the premise of finding new uses for known drugs, and we are expanding on our rich product portfolio to target infectious diseases such as the coronavirus disease or COVID-19,” Revive’s CEO Michael Frank said in a statement.

“Revive has a history in the clinical development with Bucillamine in the treatment of acute gout flares and cystinuria, and we will advance our efforts in reviving and exploring new uses of Bucillamine for unmet medical needs.”