NEW HAVEN, CONN., U.S.A., May 10, 2022 (GLOBE NEWSWIRE) — BIOASIS TECHNOLOGIES INC.. (TSXV:BTI.V; OTCQB:BIOAF), (the “Company or “Bioasis”) a biopharmaceutical company developing its proprietary xB3TM platform technology for the delivery of therapeutics across the blood-brain barrier (the “BBB”) announced today that it has entered into a research collaboration and license agreement with Neuramedy Co Ltd (“Neuramedy”) of Seoul, Korea.
Neuramedy is a biotech company researching and developing innovative solutions for neurodegenerative diseases. The company aims to provide disease modifying treatments for Parkinson’s disease and other synuclein related diseases.
Under the terms of the agreement, Neuramedy has obtained worldwide rights to research, develop and commercialize an xB3TM version of its antibody, Tomaralimab, directed at the Toll-like receptor 2. Tomaralimab is currently in development for the treatment of Parkinson’s disease and Multiple System Atrophy.
Bioasis will receive an upfront payment and may receive an additional US$72 million in milestone payments and a royalty on net sales.
“We are excited to have entered into this agreement with Bioasis. We expect the xB3TM platform will improve the efficacy and safety of our Tomaralimab. Through the collaboration with the companies like Bioasis, we hope to provide solutions that can improve the lives of patients with neurodegenerative disorders,” said Seung Jae Lee, Ph. D., Neuramedy’s CEO.
“We are very pleased to have entered into this agreement and excited to be working with Neuramedy on this new target for Parkinson’s disease and Alzheimer’s disease. Forming innovative partnerships with companies such as Neuramedy is an important part of our strategy to see the broadest possible uptake of promising technology. Our xB3TM BBB drug delivery platform has the potential to significantly advance the treatment of neurogenerative diseases, solving a major unmet clinical need and improving the lives of patients, said Deborah Rathjen, Ph.D., Bioasis’ Executive Chair.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Chair & Chief Executive Officer
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3TM 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 certain brain cancers and rare diseases, including Gaucher’s Disease Type II, neurodegenerative diseases including Parkinson’s disease and Lewy Body Dementia and neuroinflammatory conditions including pain, epilepsy and Multiple Sclerosis. Bioasis trades on the TSX Venture Exchange under the symbol “BTI.V” and on the OTCQB under the symbol “BIOAF” For more information about the Company, please visit www.bioasis.us.
Neuramedy Co., Ltd. Is a Korean biopharmaceutical company established in 2019 based on the long time research of Dr. Seung Jae Lee. The company envisions the development of disease modifying therapies for early intervention of diseases. The company focuses on developing the treatments for neurodegenerative diseases. The lead pipeline NM-101, Tomaralimab for Parkinson’s disease, is currently in IND preparation. For more information about the company, please visit www.neuramedy.com.
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.
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Deborah Rathjen, Ph.D., Executive Chair & Chief Executive Officer
+1 203 533 7082
Bioasis Investor Contact:
Colwell Capital Corp.
Jin Soo Kim, Director, BD