updated 12/13/2010 9:16:13 AM ET 2010-12-13T14:16:13

VANCOUVER, British Columbia, Dec. 13, 2010 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) announced today the completion of the development and initial testing of a second method to detect levels of a serum protein (p97) that is reported to be associated with Alzheimer's disease (AD). The project, which was initiated and announced in late 2008, was intended to develop a SISCAPA (Stable Isotope Standards and Capture by Anti-Peptide Antibodies) assay capable of detecting and measuring protein levels in human plasma.

SISCAPA is a new proprietary technique that was developed to measure the levels of proteins in human plasma and is based on immunoaffinity enrichment of peptide surrogates of biomarker proteins and their identification by mass spectrometry. The technique offers excellent analytical performance featuring robustness to sample degradation and common interferences such as autoantibodies that may be seen in biological fluids.

The SISCAPA assay for p97 was developed for biOasis by the Anderson Forchung Group of Washington DC. AFG is a privately held company working to advance technologies for biomarker measurement, with a focus on proteins useful in clinical diagnostics. "The SISCAPA assay has demonstrated the ability to reliably detect p97 in plasma, and will assist biOasis with providing unique and valuable diagnostic tools" said Leigh Anderson, AFG's chief executive officer.

"We are extremely lucky to have a close relationship with the Anderson Forchung Group. They are the inventors of the SISCAPA technique and the founder of AFG, Dr. Leigh Anderson, is an advisor to biOasis," says Rob Hutchison CEO. "The Company intends to use the SISCAPA assay within the Cognitest™ development program, and is exploring additional commercial opportunities for the method."

ABOUT COGNITEST™

biOasis is developing a proprietary blood test 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 out 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, treatment and monitoring 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, oncology and infectious disease indications.

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: we may not be able to successfully develop and obtain regulatory approval for p97 as a diagnostic assay for Alzheimer's disease, 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
Rob Hutchison Chairman & CEO 
(604) 542-5059 
rob@bioasis.ca

"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.
          Rob Hutchison Chairman & CEO 
          (604) 542-5059 
          rob@bioasis.ca

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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