This News Release is Not for Distribution to U.S. Newswire Services or Dissemination in the United States
GUILFORD, Conn.–(Business Wire)– 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.
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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