RICHMOND, British Columbia & GUILFORD, Conn.--(BUSINESS WIRE)--BIOASIS TECHNOLOGIES INC. (TSX.V:BTI; OTCQB:BIOAF) (“Bioasis” or the “Company”), a biopharmaceutical company developing its xB3 proprietary platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) for the treatment of CNS disorders, today announced that it intends to pursue a non-brokered private placement of units (the "Units") at a price of C$0.552 per Unit, for aggregate gross proceeds of up to C$3 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$0.69 per Warrant Share for a period of 60 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”).
“We are committed to our pursuit to develop effective medicines to treat brain cancers and neurodegenerative diseases, which have the potential to make a serious impact on the lives of patients suffering with these diseases,” said Mark Day, Ph.D., president & chief executive officer, Bioasis. “We look forward to completing the financing, which will allow the Company to be in a stronger position to advance our programs utilizing our proprietary xB3 platform technology.”
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.
Bioasis Technologies, Inc. is a biopharmaceutical company developing xB3, a proprietary platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the BBB represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders. The company maintains headquarters in Richmond, Canada with offices in Guilford, Conn., United States. 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.
On behalf of the Board of Directors
Bioasis Technologies Inc.
Mark Day, Ph.D., Director and President & Chief Executive Officer
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 regarding the anticipated completion of a proposed private placement, the Company’s intended use of proceeds of the private placement, along with other 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: products that we develop may not succeed in preclinical or clinical trials, 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.
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.