Under the terms of the agreement, Bioasis to receive a US$1 million upfront payment from Prothena, plus additional potential option exercise, regulatory and commercial milestone payments, plus additional royalties on net sales from licensed products Prothena will receive a worldwide, exclusive license to use the xB 3 platform with an undisclosed neurodegenerative disease target as well as the option for three additional neuroscience targets
GUILFORD, Conn.–(Business Wire)–Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company”), 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 CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced it has entered into a licensing agreement with a subsidiary of Prothena Corporation plc) (“Prothena”), granting Prothena certain rights to use the xB3 platform technology for neuroscience targets. The agreement gives Prothena a worldwide, exclusive license to use the xB3 platform in connection with one undisclosed neurodegenerative disease target as well as a time-limited option for three additional neuroscience targets to be named by Prothena. Under the terms of the agreement, Bioasis will receive an upfront payment of US$1 million and may receive up to an additional US$33 million in options exercise, regulatory and commercial milestone payments, plus additional royalties on net sales from the licensed products.
“Progress toward novel treatments for neurological disorders has been hampered by the limited ability of molecules to cross the blood-brain barrier, an area of significant unmet medical need. We believe our xB3 platform combined with other compounds has the potential to develop innovative treatments for serious CNS diseases,” said Mark Day, Ph.D., director, president and chief executive officer, Bioasis. “Part of our strategy is to commercialize our xB3 platform and we are excited to work with Prothena, a recognized global leader in the research and development of potential therapies for use in treating neurodegenerative disorders.”
“We are impressed with the unique approach that Bioasis has developed to promote the transport of molecules across the blood-brain barrier and look forward to exploring the potential of this technology in the development of experimental therapeutic approaches,” said Wagner Zago, Ph.D., chief scientific officer, Prothena.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Mark Day, Ph.D., Director, President & Chief Executive Officer
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3 ™ platform, a proprietary technology for the delivery of therapeutics across the blood-brain barrier (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, including without limitation statements regarding the anticipated benefits of the licensing agreement and the proceeds that the Company may receive thereunder, 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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Bioasis Technologies, Inc.
Catherine London, 917-763-2709