Bioasis Implements Transition Plan for Its Board of Directors
December 04 2017 - 8:00AM
Business Wire
Company intends to selectively replace outgoing
directors with new, highly qualified, independent candidates
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.
About Bioasis
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.
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 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
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or update such forward- looking statements and information to
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version on businesswire.com: http://www.businesswire.com/news/home/20171204005500/en/
Media & Investor RelationsBioasis Technologies,
Inc.Catherine London, +1 917-763-2709Catherine@bioasis.usorGraeme
Dick, +1 403-561-8989Investors@bioasis.us
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