biOasis Technologies Inc. (BTI.V) is pleased to announce that all Warrants and Agent Warrants expiring March 31, 2009 were exercised as of March 31, 2009 resulting in cash proceeds to the Company of $1.7 million. As at March 31, 2009 the Company has cash and cash equivalents of $2.4 million compared to $0.8 million as at November 30, 2008 (end of Q3 2009).
“This is a significant milestone for the Company,” says CEO Rob Hutchison. “This ensures full funding on our final trial for p97 as a diagnostic for Alzheimer’s, including the development of new ELIZA and SISCAPA assays, through the FDA approval process as well as sufficient working capital for at least the next twelve months. In addition these funds allow the Company to undertake some research focus onto the Company’s Blood Brain Barrier delivery mechanism technology using p97.”
The warrants expiring March 31, 2009 and exercised as of March 31, 2009 comprised 6,500,000 share purchase Warrants, entitling the holder of each Warrant to purchase one common share of the Company at $0.25 and 975,000 Agent Warrants, entitling the holder of each Agent Warrant to purchase one common share of the Company at $0.15.
ABOUT BIOASIS:
biOasis Technologies Inc. is a Canadian Biotechnology company engaged in the development and commercialization of diagnostics and therapeutics related to neurological diseases. It has extensive and comprehensive intellectual property (“IP”) which it obtained from the University of British Columbia. The Company’s initial area of focus will be on the utilization of the IP to pursue a biomarker for the diagnosis of Alzheimer’s disease. The IP has been corroborated in double blinded and successive multi-site clinical trials.
According to the Centers for Disease Control and Prevention (“CDC”), Alzheimer’s disease was listed as the “underlying cause of death” for 65,829 Americans in 2004.
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It was the seventh leading cause of death for people of all ages and the fifth leading cause of death in people age 65 and older.
To find out more about biOasis Technologies Inc. visit .
Forward Looking Statements
Statements in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These risks include, but are not limited to, those associated with the success of research and development programs, the Company’s ability to raise additional funding and the potential dilutive effects thereof, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the strength of intellectual property, reliance on subcontractors and key personnel and other risks detailed from time-to-time in the Company's public disclosure documents and other filings with the Canadian securities regulatory authorities. Forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
On Behalf of the Board of Directors
“Robin Hutchison”
Director and CEO
(604) 542-5059
rob@bioasis.ca
“The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.”
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