biOasis Technologies Ord Shs V.BTI.H

RE:RE:Not what we wanted...

[G1945V]

prophetoffactz wrote: So the company has 10 days to raise some emergency cash or else? What happend with narmac's group? Are they still interested in financing? J&J may still be there; though Chiesi is gone. There's a new term sheet with SBA. They say they are working on others potential deals though no details.


"Bioasis is currently, or will be, in default of its obligations to Lind and Biodexa and they are, or will be, entitled to take actions in accordance with their loan and security documents with Bioasis to enforce their rights as secured lenders.

Since the termination of the merger, Bioasis has pursued numerous strategic alternatives to preserve and enhance shareholder value, including: mergers; the sale of all or portions of the Company or its assets; partnerships’ licensing and joint venture transactions; and third party financings. In pursuing these transactions, Bioasis was assisted by third party advisors, including Shadow Lake Group and Maxim Group. Since the end of January, Bioasis and its advisers have contacted numerous potential counterparties, several of whom entered into non-disclosure agreements with the Company and engaged in active discussions with the Company regarding potential transactions.

The Company has recently signed a non-binding term sheet with Swiss Biotech Advisors (“SBA”), a group consisting of certain of the vendors of the EGF therapy platform that Bioasis acquired in June 2022 (the “EGF Assets”), for an exclusive worldwide license by Bioasis to SBA of the EGF Assets along with the right to apply the Company’s xB3 ™ platform to the EGF Assets. In return, Bioasis would receive certain milestone payments, a 5% royalty on net sales from products developed based on the licensed technology, along with a share of any sublicensing revenue generated by SBA from the licensed technology. The transaction is subject to certain conditions, including the execution of a definitive license agreement.

The current economic environment and market conditions for small-cap development stage biopharmaceutical companies continue to be very challenging. Although the Company is still pursuing certain potential strategic alternatives, other than the potential transaction with SBA (which is not expected to generate any cashflow for the Company in the short term) the Company does not currently have any actionable alternatives, is almost out of cash and is no longer in a position to continue funding its operations.

On the other hand, the debtors (holding approx $5 Mil in debt) may forgo immediate legal action against Bioasis and wait it out to see where the non-binding term sheet with Swiss Biotech Advisors leads to. It could also lead to the debt held by the debtors can be exchanged for equity in Bioasis.


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