This News Release is Not for Distribution to U.S. Newswire
Services or Dissemination in the United States
BIOASIS
TECHNOLOGIES INC. (“Bioasis” or the “Company”)
(OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage
biopharmaceutical company developing its proprietary xB3 ™
platform technology for the delivery of therapeutics across the
blood-brain barrier (the “BBB”) and the treatment of central
nervous system (“CNS”) disorders in areas of high unmet medical
need, including brain cancers and neurodegenerative diseases, today
announced that it intends to complete a non-brokered private placement
of units (individually as “Unit” or collectively as the "Units")
at a price of C$0.28 per Unit, for aggregate gross proceeds
of approximately C$1,000,000 million.
Each Unit will consist of one common share of the Company (a "Common
Share") and one Common Share purchase warrant (each whole Common
Share purchase warrant, a "Warrant"). Each Warrant entitles
the registered holder to purchase one Common Share (a “Warrant Share”)
at an exercise price of C$0.60 per Warrant Share for a period of 48
months from the date of closing of the private placement, subject to the
terms and conditions set out in the Warrant. All securities issued
pursuant to the private placement will be subject to a four month hold
period in accordance with applicable Canadian securities laws.
The Company will use the net proceeds from the private placement to
support ongoing research and development, clinical development,
manufacturing and other activities in respect of the Company’s clinical
development pipeline and for working capital and general corporate
purposes. Closing of the private placement is subject to the approval of
the TSX Venture Exchange (“TSXV”).
“Completing this financing will strengthen the Company’s position to
advance our pipeline and programs, including our lead product candidate,
xB3-001 (xB3- Trastuzumab) for HER2+ breast cancer
brain metastases, which leverages Bioasis’ proprietary blood-brain
barrier delivery technology,” commented Bioasis’ Chair and Chief
Executive Officer, Dr. Deborah Rathjen. “Current therapies for HER2+
breast cancer have low efficacy in the treatment of brain metastases as
a consequence of limited brain uptake. Bioasis’ xB3-001 has
the potential to effectively treat brain metastases in this patient
population where there exists significant unmet clinical need.”
This press release shall not constitute an offer to sell or solicitation
of an offer to buy the securities in any jurisdiction. The securities
will not be and have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or applicable exemption from the
registration requirements.
About Bioasis
Bioasis Technologies Inc. is a biopharmaceutical company developing the
xB3 ™ platform, a proprietary technology for the
delivery of therapeutics across the BBB -and the treatment of CNS
disorders in areas of high unmet medical need. The delivery of
therapeutics across the BBB represents the final frontier in treating
neurological disorders. Bioasis’ internal pipeline programs are focused
on treatments for orphan indications, including certain brain cancers,
and rare diseases, including Gaucher’s Disease Type II. The Company
maintains headquarters in Guilford, Connecticut. Bioasis trades on the
TSX Venture Exchange under the symbol “BTI” and on the OTCQB under the
symbol “BIOAF.” For more information about the Company, please visit www.bioasis.us.
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.
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