Bioasis Technologies, Inc . (OTCQB:BIOAF; TSX.V:BTI), (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 announced that it has satisfied its obligation to pay $16,352.28 in interest to the holders of its 15% unsecured debentures issued November 8, 2019 (the “Debentures”) on December 31, 2019 by issuing 65,403 common shares of the company. The common shares were issued at a deemed price of $0.25 per share in full satisfaction of the December 31 interest payment obligation in accordance with the terms of the Debentures. The Company chose to settle the interest through the issuance of common shares in order to preserve the amount of cash available to fund ongoing operations while it continues to pursue additional financing opportunities, including potential partnerships.
The shares for debt settlement has been conditionally approved by the TSX Venture Exchange (the “TSXV”) and remains subject to the final approval of the TSXV. The common shares issued pursuant to the shares for debt settlement will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.
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” and on the OTCQB under the symbol “BIOAF.” For more information about the company, please visit www.bioasis.us.
This press release does not constitute an offer to sell, solicitation of an offer to buy or a recommendation for any of the company’s securities. A securities offering by the company will only be made pursuant to a private placement memorandum, offering circular or prospectus. The content of this press release is qualified in its entirety by any such offering materials.
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.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Executive Chair of the Board
+1 203 533 7082