VANCOUVER, British Columbia, Oct. 22, 2010 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce a non-brokered private placement of up to 2,000,000 units at a price of $0.50 per unit for gross proceeds of up to $1,000,000 with an over-allotment of up to 20%. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.70 for a period of one year from the date of issue of the warrant. The warrants are subject to an early exercise clause whereby, if after four months and one day after closing of the placement, the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange, for a period of 20 consecutive trading days exceeds $0.90, the Company may, within five days after such event, provide notice by way of a news release, that the warrants will expire 30 days after such notice. The net proceeds from the sale of units will be added to working capital in furtherance of the Company's business.
A finder's fee of up to 7% of the proceeds from the sale of units may be paid in cash in connection with the private placement. The securities to be issued under the placement will be subject to a four month hold period and the placement is subject to the acceptance of the TSX Venture Exchange.
ABOUT TRANSCEND™ (p97)
biOasis is developing a proprietary carrier for the transport of therapeutic and imaging agents across the blood brain barrier -- Transcend™. Current initiatives within the Transcend™ program include production of materials for preclinical studies and conjugation to a range of small molecule and biologic therapeutics. To address the unmet clinical need to transport drugs across the blood brain barrier, biOasis intends to license Transcend™ to multiple corporate partners.
ABOUT COGNITEST™ (p97)
biOasis is developing a proprietary diagnostic for the diagnosis of Alzheimer's disease -- Cognitest™. Current initiatives within the Cognitest™ program include product and method development, validation using human samples, and regulatory approval in Europe. To enable faster adoption and greater use of Cognitest™, the Company intends to license it to multiple corporate partners.
ABOUT BIOASIS:
biOasis Technologies Inc. is a biopharmaceutical company engaged in the development and commercialization of products for the diagnosis and treatment of neurological diseases and disorders. Its products and technologies are intended for use within the healthcare and life science research markets. The Company is currently developing Cognitest™, a blood test for the diagnosis of Alzheimer's disease. biOasis is also developing Transcend™, a proprietary molecular carrier intended to transport drugs across the Blood-Brain Barrier for treatment of a wide range of neurological, oncological and infectious disease applications.
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 expressed 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: we may not be able to successfully develop and obtain regulatory approval for p97 as a Physician's Aid to Diagnose Alzheimer's, 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.
On Behalf of the Board of Directors
Robin Hutchison Director and CEO
"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
CONTACT: biOasis Technologies Inc. Robin Hutchison, Director and CEO (604) 542-5059 rob@bioasis.ca