Company intends to selectively replace outgoing directors with new, highly qualified, independent candidates
VANCOUVER, British Columbia & GUILFORD, Conn.–(Business Wire)– Bioasis Technologies, Inc . (OTCQB:BIOAF; TSX.V:BTI), a biopharmaceutical company focused on the delivery of therapeutics across the blood-brain barrier (BBB) and into the central nervous system for the treatment of neurological diseases and disorders, today announced that Rob Hutchison and Michael Hutchison have submitted their planned resignations from the board. Ron Erickson has also resigned from the board.
Today’s announcement is another step in the company’s leadership transition plan. All three resignations are effective immediately. The company intends to fill the vacancies created by these resignations with new, highly qualified, independent directors. In identifying potential new directors, the company will prioritize candidates who have significant and long-term technical and business-specific experience within the biotech and pharmaceutical industries. Until suitable replacement directors are found, the vacancies created by the resignations will remain open. Further information regarding the transition plan will be provided as events warrant.
“Rob, Michael and Ron have been supportive of bringing in a new CEO and the transition of the new management team. To further enable this, they have offered their resignations to help facilitate the selection and implementation of new directors on the board,” said Mark Day, Ph.D., president and chief executive officer, Bioasis. “On behalf of the board and the company, I would like to thank them for their leadership and positive support of the company during their long and valued tenure and wish them the very best in their future endeavors.”
The company also announces that it has granted 1,910,000 options to purchase common shares of the company at an exercise price of $0.71 per share to the three new directors and two of the key employees who recently joined the company. Collectively they bring needed experience in alliance management, corporate affairs and capital raising specific to the biotechnology and pharmaceutical industries. The stock options have been granted under the company’s stock option plan, have a five-year term and are subject to certain vesting provisions.
Bioasis Technologies, Inc. is a biopharmaceutical company focused on the delivery of therapeutics across the blood-brain barrier (BBB) and into the central nervous system for the treatment of neurological diseases and disorders. The delivery of therapeutics across the BBB represents the single greatest challenge in treating neurological disorders. The company is developing and commercializing the xB3 platform, Bioasis’ proprietary blood-brain barrier delivery technology, to address unmet medical needs in the treatment of central nervous system diseases and disorders. The company maintains headquarters in Vancouver, Canada with offices in Guilford, Conn., United States. Bioasis trades on the OTCQB under the symbol “BIOAF” and on the TSX Venture Exchange under the symbol “BTI.” For more information about the company please visit www.bioasis.ca or www.bioasis.us.
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