On April 3, 2008 the Company began trading under its new name biOasis Technologies Inc. (formerly W.R. Partners Ltd.) and new TSX Venture Exchange (the “Exchange”) symbol “BTI”, having completed its acquisition (the “Acquisition”) of biOasis Advanced Technologies Inc a private Canadian biotechnology company and having raised gross proceeds of $975,000 in a unit private placement. As a result of the acquisition and financing the Exchange no longer deems the Company to be a Capital Pool Company.
biOasis Technologies Inc. is headed by R.B. (Rob) Hutchison, who is a director and CEO. Mr. David Clark assumes the role of a director and CFO. The other board members are Dr. Terry Pearson and Mr. George Saunders. In conjunction with the Acquisition, Dr. Wilfred Jefferies was appointed Chairman of the Scientific Advisory Board.
The Company is now moving forward with its business plan, the first step of which is to launch its new its web site at www.bioasis.ca to provide general information about the Company, management, the physical market opportunities, FAQ's on the science and an overview of the Company's intellectual property.
Going forward the Company intends to add to the scientific resources available to it as well as forward the commissioning of an assay and clinical trials.
biOasis Technologies Inc. is a Canadian Biotechnology company engaged in the development and commercialization of diagnostics and therapeutics related to neurological diseases. It obtained extensive and comprehensive intellectual property (the “IP”) from the University of British Columbia. The Company's initial area of focus will be to utilization of its IP to pursue a biomarker for the diagnosis of Alzheimer's disease.
The Alzheimer's Association reports that a n estimated 24 million+ people currently live with dementia worldwide, and this figure is projected to increase to 81 million by 2040 .
According to the report, "An Estimate of the Total Worldwide Societal Costs of Dementia in 2005" by the Alzheimer's Association, the total worldwide cost of dementia care was estimated to be US$315.4 billion annually. The world's most developed regions, mainly North America and Europe, account for 77% of the worldwide cost. In terms of individual countries, the total cost was highest in the U.S. at US$76 billion, followed by Japan at US$34 billion and China at US$28 billion.
Alzheimer's disease accounts for more than 50% of cases of dementia in Caucasian populations; however, this may not apply to other national or ethnic groups. The costs associated with Alzheimer's will rise as the population is aging in the developed countries. With a better diagnostic tool, the future for Alzheimer's patients is encouraging. Earlier diagnosis will enable earlier (and more effective) treatment and as a companion to new therapeutics will improve the lives of many people.
To find out more about biOasis Technologies Inc. visit www.bioasis.ca.
“The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.”
On Behalf of the Board of Directors
“ Robin Hutchison ”
Robin Hutchison, Chairman and CEO