GreenBank Capital Inc. is exceptionally pleased to announce that it has reached agreement to acquire a significant stake in CodiKoat, the UK-based producer of a patent-pending destroyer of the COVID-19 virus and any of its mutations, together with any other existing and novel viruses that could emerge in the future.

Any surface treated with CodiKoat products instantly becomes a Covid-destroying medium. From touchscreen terminals, to hospital surfaces and supermarket trolley handles, as well as masks and gloves, the CodiKoat application instantly destroys Covid and any other viruses on contact.

CodiKoat are also optimistic that deploying air filters coated with CodiKoat’s revolutionary and patent-pending products could turn air conditioners or air filtration units into Covid-destroying air purifiers, thereby dramatically enhancing the safety of indoor spaces.   If they are successful in applying the technology in this way, CodiKoat will offer a more effective and lower cost alternative to other air filtration technologies including HEPA filters.

Whilst vaccines are beginning to provide significant protection against current strains of Covid in a number of countries, it is expected by many that existing and future mutations of the virus, as well as the emergence of other novel viruses, will continue to pose significant threats to world health. It remains likely that, if unchecked, such mutations or novel viruses would have the capacity to cause large scale deaths and a return to severely damaging economic lockdowns.  CodiKoat’s innovative, virus-destroying technology is capable of radically enhancing the fight against such threats. CodiKoat management believe that, in time, there may well be international regulatory requirements for products and surfaces regularly coming into contact with people to be coated with the type of products that CodiKoat has already developed and is also developing.

CodiKoat’s technology works by using surface-functionalised nanostructures to inactivate viruses instantly.  It also the same effect on fungi and bacteria. CodiKoat have developed a high-precision coating process to apply their product in a highly controllable and uniform manner. This provides a strong chemistry of nanostructures with the surface, which leads to high durability, lasting for the whole product lifetime.  CodiKoat technology can coat any surface — be it hard or soft, rough or smooth, curved or flat — with nanoparticles of any composition and size. CodiKoat materials can be easily tuned at an atomic scale and integrated into existing manufacturing lines for any product.

Existing technologies generally use silver or copper-based particles to kill viruses and bacteria. However, these materials can take hours to produce any antiviral/antimicrobial effect, are significantly  less effective than CodiKoat, and last only a limited time (typically 30-60 days) whereas CodiKoat’s antiviral, antifungal and antibacterial effects are permanent. CodiKoat’s unique solution uses weak electric current to alter the surface charge characteristic of the virus particles. This modification in surface charge destabilises the electrokinetic properties of the viruses and facilitates aggregation of these particles. The aggregated viral particles lose their ability to enter host cells and infect them. This mechanism happens in a short time scale (< 10 seconds) producing a fast-acting inactivation of viral particles.

CodiKoat’s technology have been developed in association with the University of Cambridge, Oxford Innovation and the Cambridge Centre, partly with grant funding provided by the United Kingdom government’s Innovate UK Fund.

The initial deployments of the technology will be in face masks (CodiKoat is working with the UK’s largest respirator producer, Cardiff-based Hardshell UK) and adhesive acetate film which can be applied to any number of surfaces to give life-long protection.  The company’s commercial partners for the acetate film product are BDK Industrial Products Limited, who describe themselves as one of Europe’s leading adhesive tape producers and have a division dedicated to producing products for the medical market.

CodiKoat products are currently being trialled in offices as well as with a leading chain of UK Care Homes,  ATM provider, Cash On The Move, and the Royal Opera House,
The fact that, as well as destroying viruses on contact, CodiKoat products can also permanently protect surfaces against all bacteria, offers the possibility of vastly improving sanitation in hospitals and dining areas, as well as eradicating the kind of germs that are found in public conveniences and surrounding areas.   In the US alone, hospital-acquired infections are thought to cost the US economy upwards of US$30bn a year – and that was before the emergence of Covid.

The UK’s secretary of state for Health has recognised the potential impact that CodiKoat could have in that country’s National Health Service and after learning about what the technology could do, commented “That’s amazing, I could see the benefit of this immediately, including within the NHS.”

The CodiKoat team include:

DrReza Saberi. Reza holds a PhD in physics from the University of Cambridge and has over 12 years’ experience in materials development processes and holds a portfolio of patents on coating techniques.

Dr Matin Mohseni. Matin is a biomedical scientist and engineer. He holds a PhD in development and targeting of metal oxide nanoparticles from UCL and has several publications in related scientific journals.

Dr Payam Nahavandi. Payam is a biomedical engineer and holds a PhD in Medical Imaging from UCL. He has managed numerous multidisciplinary projects during his career, leading to several high impact publications.

Mr Raj Sharma. Raj is a serial entrepreneur and has been involved as a Co-Founder, Investor and Director in a variety of successful start-ups in a variety of fields including tech, medical, automotive and food and drink.

Terms of investment
GreenBank has reached agreement to acquire up to an initial 15% of CodiKoat.

The Company will pay £540,000 (C$930,000) for 5% of CodiKoat’s fully diluted share capital and has been granted a twelve-month option to acquire a further 10% of CodiKoat at the lower of a £100m (C$172m) valuation or the price at which CodiKoat raises any further funding.

In addition, CodiKoat have indicated that they would like to work with GreenBank in shaping the company’s strategy going forward, which may include a listing on the Canadian Securities Exchange with GreenBank’s help.

Commenting on the investment in CodiKoat and the developing relationship, David Lonsdale, CEO of GreenBank said,“CodiKoat have developed a Covid destroying product line with hugely positive ramifications for the entire world, as we see the continuing devastating effects of Covid in India and elsewhere. The prevalence of Covid mutations is providing an ever-present threat of return to lockdown should those mutations successfully evade vaccine defences, and CodiKoat have developed a Covid destroying technology that has the potential to markedly reduce the incidence of Covid, Covid mutations and other life threatening novel viruses in public spaces. We believe CodiKoat has the potential to help radically improve the chances of normal life resuming on a more stable and permanent basis throughout the world, and we are therefore thrilled to play our part in helping CodiKoat fulfil its potential to significantly enhance the safety and wellbeing of so many people”.

Raj Sharma of CodiKoat said “We are delighted to be working with GreenBank Capital, the next generation Merchant Bank, as we bring to market our crucial life-saving suite of products. Time is of the essence in bringing our products to market and GreenBank have shown themselves to be nimble, innovative and professional and we are really excited to be moving towards listing our company at the earliest opportunity in order to help maximise our scale of operations .”

Manali bhanushali
Author: Manali bhanushali

Manali Bhanushali