VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2013) - biOasis Technologies Inc. (TSX VENTURE:BTI), today announced that it has received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for its patent application titled "Use of P97 as an Enzyme Delivery System for the Delivery of Therapeutic Lysosomal Enzymes", US Patent Application Number 12/729,792. The Notice of Allowance is the USPTO's official communication that the Company's application has successfully completed examination and that a patent will be issued upon final review and payment of the issue fee. The addition of this new patent to biOasis' growing intellectual property portfolio will be another key value component of biOasis drug development efforts focused on developing valuable therapies to address important unmet medical needs.

The allowed claims of this patent application cover methods of using the Company's Transcend brain penetrating drug delivery vector coupled to a lysosomal storage disease enzyme for the treatment of lysosomal storage diseases. Specifically, the enzymes claimed in the allowed patent application include those that are used clinically as enzyme replacement therapies to treat lysosomal storage diseases such as Hunter Syndrome, Hurler syndrome and others. 

ABOUT LYSOSOMAL STORAGE DISEASES

Lysosomal storage diseases are inherited metabolic disorders caused by a deficiency in lysosomal enzymes, of which approximately fifty have been described to date. These diseases usually affect children, many of whom die within several years of birth and some following years of dealing with symptoms of the disease that may include developmental delay, movement disorders, seizures, dementia, deafness and blindness. The most effective therapeutic strategy is for replacement of the missing enzyme. However, no currently approved therapeutic enzyme is able to effectively treat the effects of these diseases on the central nervous system. Despite the limitations of existing products, market revenues have exceeded $2 billion for each of the past three years.

ABOUT BIOASIS

biOasis Technologies Inc. is a biopharmaceutical company headquartered in Vancouver, Canada. Based on Transcend, biOasis proprietary brain delivery platform, the Company is focused on creating new drugs that can cross the blood-brain barrier to address unmet medical needs in the treatment of brain diseases such as neurodegeneration, metastatic cancer and metabolic diseases. biOasis trades on the TSX Venture Exchange under the symbol "BTI". For more information about the Company please visit www.bioasis.ca.

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

Rob Hutchison Chairman & CEO

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release"