updated 12/15/2010 9:17:06 AM ET 2010-12-15T14:17:06

VANCOUVER, British Columbia, Dec. 15, 2010 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) has received the final report detailing results achieved within the Contract Research Agreement (CRA) project with The University of British Columbia (UBC) that was announced by the Company on May 19th, 2009. The purpose of this agreement was to generate additional knowledge and data related to the utility of p97 as a proprietary biomarker for Alzheimer's disease (AD). Previous works by UBC and others showed that serum p97 levels are elevated in Alzheimer's disease patients when compared to unaffected individuals and patients with other CNS neuropathies.

The latest results generated by UBC confirm that p97 can be detected in blood over a range of concentrations that span both affected and unaffected patients. These data also provide additional information on experimental conditions and raw materials that may prove useful in helping to optimize the Cognitest™ product.

"These results provide valuable information concerning the basic characteristics and utility of p97 as a biomarker for Alzheimer's disease. They support our ongoing development work with Fleet Bioprocessing Ltd. to advance Cognitest™ towards the clinic," said Rob Hutchison, CEO. "The development team is achieving good results and we expect to begin validation of Cognitest™ prototypes using clinical samples early in the New Year."

The report concludes the second of two CRA's established with UBC in 2008 and 2009 that were intended to provide additional insights into biOasis technology. Receipt of the final report for the CRA that focused on blood-brain barrier research, indicated that experimental results conducted at UBC showed that Transcend™ has the ability to transport twice the concentration of drug across the blood brain barrier than was previously reported. This is highly important to the Company as it provides more evidence supporting the continuing development of Transcend™ as a novel delivery system capable of transporting a wide range of therapeutic agents across the blood-brain barrier.

ABOUT COGNITEST™

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 out license it to multiple corporate partners.                                                                    

ABOUT TRANSCEND™

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 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 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 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

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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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