Bioasis Announces Sale of Royalty Interest in Lysosomal Storage Disorder Enzymes Being Developed Under the Chiesi Group–Bioasis Strategic Alliance to XOMA Corporation

GUILFORD, Conn., Nov. 03, 2020 (GLOBE NEWSWIRE) — Bioasis Technologies, Inc–Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company” or “Bioasis”), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3™ 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 announces that it has entered into a royalty purchase agreement with XOMA Corporation (“XOMA”), under which the Company sold certain rights to future milestone and royalty revenue due to the Company, associated with the advancement of the enzymes being investigated as potential treatments for four different lysosomal storage disorders (“LSD”) under Bioasis’ strategic alliance with Chiesi Group.

“Bioasis has a technology designed to deliver therapeutic candidates across the blood-brain barrier that we found interesting. We are pleased that Chiesi Group, a well-respected pharmaceutical company, is driving the development efforts of these enzymes in rare disease indications and to be able to acquire an economic position in them,” commented Jim Neal, Chief Executive Officer of XOMA.

“We are pleased to enter into this arrangement with XOMA, which will allow Bioasis to deploy additional capital to progress its unpartnered pipeline programs targeting Parkinson’s disease, Lewy Body Dementia and Fronto Temporal Lobe Dementia and also secure further technology validating partnerships,” commented Dr. Deborah Rathjen, Executive Chair and Chief Executive Officer of Bioasis.

Under the terms of the agreement, in exchange for a US$1.2 million upfront payment, XOMA will receive a low single-digit royalty on the future net sales of each of the four Chiesi Group-Bioasis enzymes and an undisclosed share of the up to US$138 million in potential milestones due to Bioasis under its agreement with Chiesi Group.

On behalf of the Board of Directors of Bioasis Technologies Inc.

Deborah Rathjen, Ph.D., Executive Chair
deborah@bioasis.us
+1 203 533 7082

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About Bioasis
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3 platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier 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 blood brain barrier 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.V” 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.

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Source: Bioasis Technologies Inc.

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