Bioasis Announces Closing of Second Tranche of Previously Disclosed Private Placement
May 24 2018 - 8:30AM
Business Wire
This News Release is Not for Distribution to
U.S. Newswire Services or Dissemination in the United
States
BIOASIS TECHNOLOGIES INC. (TSX.V:BTI; OTCQB:BIOAF)
(“Bioasis” or the “Company”), a
biopharmaceutical company developing its xB3 ™proprietary
platform technology for the delivery of therapeutics across the
blood-brain barrier (BBB) for the treatment of CNS disorders in
areas of high unmet medical-need, including brain cancers and
neurodegenerative diseases, is pleased to announce that it has
completed a second and final tranche of its previously announced
private placement of units (the “Units”) by issuing an
aggregate of 1,280,000 Units at a price of C$0.552 per Unit,
for gross proceeds of C$706,560.
Between the two tranches of the private placement, Bioasis
issued a total of 5,083,298 Units for gross proceeds of
C$2,805,980.49.
Each Unit consists of one common share of the Company (a
"Common Share") and one Common Share purchase warrant (each
whole Common Share purchase warrant, a "Warrant"). Each
Warrant entitles the registered holder to purchase one Common Share
(a “Warrant Share”) at an exercise price
of C$0.69 per Warrant Share for a period of 60
months from the date of closing. All shares and warrants
issued pursuant to this tranche of the private placement, and any
shares issued in connection with the exercise of warrants, will be
subject to a four month hold period expiring on Sept. 25,
2018, in accordance with the policies of the TSXV and
applicable securities laws.
Sales to U.S.-based investors were brokered through the
Company’s exclusive placement agent Roth Capital Partners (the
“Agent”). The total cash commission paid to the Agent in
respect of the private placement was C$64,384.29, representing 7%
of the gross proceeds raised from sales to U.S.-based
investors.
As previously disclosed, the net proceeds from the Private
Placement will be used to fund further research and development,
clinical development, manufacturing and other activities in respect
of the Company’s clinical development pipeline and for working
capital and general corporate purposes.
About Bioasis
Bioasis Technologies Inc. is a biopharmaceutical company
developing xB3, a proprietary platform technology for the delivery
of therapeutics across the blood-brain barrier (BBB) and the
treatment of CNS disorders, 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 Richmond, BC, Canada with offices 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.ca or www.bioasis.us.
On behalf of the Board of DirectorsBioasis Technologies Inc.Mark
Day, Ph.D., President & Chief Executive Officer
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 the Company’s intended use of proceeds of the
private placement, 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.
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.
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Media & Investor
RelationsBioasis Technologies Inc.Catherine
London, +1-917-763-2709Catherine@bioasis.us
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