biOasis Technologies Inc. (TSX.V: BTI) is pleased to provide an update on its technologies and corporate activities. On April 7th, 2009, the Company disclosed that all 6.5 million warrants, that were part of the private placement completed in March, 2008 were exercised, along with 900,000 broker warrants, providing the Company with an additional $1.7 million in cash as of March 31, 2009; in addition the Company recently announced a private placement of up to $500,000. These funds are earmarked for several development projects and work towards submission to the Regulatory Authorities of a blood test as a Physicians Aid to Diagnose Alzheimer’s disease. In this regard, the Company just announced a Collaborative Research Agreement with The University of British Columbia. Also as part of its diagnostic development strategy, in November of 2008 the Company announced that it had engaged Anderson Forchung LLC (Washington, DC) to develop a SISCAPA immuno-mass spectrometry assay and that work is proceeding on schedule. To date biOasis has had some discussions with respect to licensing the diagnostic test, but this process is dependent on our submission to the Regulatory Authorities and subsequent approval.
In addition to advancing the diagnostic test for Alzheimer’s disease, the Company is continuing to investigate the use of p97 as a proprietary carrier system for delivery of therapeutic molecules across the Blood Brain Barrier (“BBB”). This technology has a broad range of potential applications for delivery of therapeutic compounds that would otherwise be excluded from the central nervous system. The first preclinical proof-of-concept studies on the delivery of Adryamicin for the treatment of brain tumours were published in 2008 http://www.bioasis.ca/pdfs/Blood_Brain_Barrier.pdf Discussions are underway with a number of biotech and pharmaceutical companies that have shown interest in the technology. The Company is pleased that a key milestone in this developmental path has been met as the Company has reached agreement with a major US biotechnology company whereby several of the Company’s patented, proprietary technologies and reagents for delivery of therapeutics across the BBB will be provided to them for testing. This new key step is consistent with the overall objectives of the Company to create shareholder value by collaborating with one or more companies to expand development and commercial opportunities for the use of this patented technology.
At the corporate level, over the past few months the Company has focused on the expansion of the biOasis management and advisory team that is essential for completion of the diagnostic and therapeutic developmental paths involving the p97 molecule. Mark Godsy has joined the company as its’ Chief Strategist. Mr. Godsy has a long and successful career in helping to guide young early stage biotechnology companies. As part of the strategic building process, the Company also recently appointed Dr. Michael Shannon to its’ Advisory Board and as its Senior Medical Advisor. Dr. Shannon’s regulatory experience includes serving as a Medical Director for many large pharmaceutical companies where he successfully managed several large-scale multinational clinical trials spanning four continents. As the Company develops and commercializes its Alzheimer’s diagnostic test, Dr. Shannon’s experience and guidance will be a tremendous asset. Along with these appointments the Company has also retained Crescent Communications to provide Investor Relations in the US. In addition, Stirling Mercantile has been retained by the Company. Stirling brings extensive experience in both capital markets and strategic relationship building for Canadian biotech Companies.
“Over the past number of months, the Company’s objective has been to internally set the foundations to position itself to deliver on its’ corporate plan; to use its significant Intellectual Property (IP) to develop a Physician’s Aid to Diagnose Alzheimer’s and to seek out one or a number of biotech and pharmaceutical companies to collaborate with on the use of our IP to shuttle compounds across the blood brain barrier,” says Rob Hutchison CEO.
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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 its IP to pursue a biomarker for the diagnosis of Alzheimer’s disease based on a blood serum test for concentration levels of p97 (Melanotransferrin). 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. 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. The Company is also pursuing the use of p97 as a carrier for the drug delivery and other compounds, which are normally significantly blocked by the Blood Brain Barrier, to cross it.
To find out more about biOasis Technologies Inc. visit .
Forward Looking Statements
Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: we may not be able to successfully develop and obtain regulatory approval for p97 as a Physician’s Aid to Diagnose Alzheimer’s, or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.
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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