GUILFORD, Conn.--(BUSINESS WIRE)--Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company” or “Bioasis”), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3 TM platform technology for the delivery of therapeutics across the blood-brain barrier (“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 the U.S. Patent and Trademark Office (“USPTO”) and the European Patent Office (“EPO”) have issued allowances of patent applications relating to xB3 technology.
Both the USPTO and EPO have issued allowances of the Company’s patent applications relating to iduronate-2-sulfatase (“IDS”) polypeptide / xB3 conjugates. The patent applications relate to the IDS/xB3 fusion conjugates as well as pharmaceutical compositions containing the fusion conjugates. The IDS/xB3 conjugates may be used in treating lysosomal storage diseases such as Hunter Syndrome.
The EPO has issued an allowance of the Company’s patent application relating to trastuzumab/xB3 fusion conjugates. The patent application relates to the trastuzumab/xB3 fusion conjugates as well as pharmaceutical compositions containing the fusion conjugates. The trastuzumab/xB3 conjugates may be used in treating a variety of diseases, for example, a HER2-overexpressing metastatic breast cancer.
“We are excited about the issuance of allowance of these patent applications by the USPTO and EPO, which enhance the strength of our intellectual property protection around our core assets, especially with respect to our lead program xB3-001, potential treatments for lysosomal storage disorders and our commercial licensing strategy,” said Company Chair and Chief Executive Officer, Deborah Rathjen, Ph.D. “These patents reaffirm the overall value of Bioasis’ xB3 platform technology as we work to advance our programs for difficult-to-treat diseases of the central nervous system by delivering therapeutics across the blood-brain barrier.”
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, PhD, Director, President & Chief Executive Officer
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3 TM 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, 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 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.
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, 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.