VANCOUVER, British Columbia, Feb. 23, 2011 (GLOBE NEWSWIRE) -- The management of biOasis Technologies Inc. (TSX-V:BTI) is pleased to provide this year in review update to highlight the corporate accomplishments made in 2010.
Highlights:
- Significantly higher concentrations of p97 successfully transported across the Blood-Brain Barrier
- Commercial development of Cognitest™ (Alzheimer's disease blood test) underway
- $1,029,287 private placement completed
- Dr. Chris Fibiger (formerly of Amgen and Eli Lilly) and David Howard (formerly of Novopharm International and current Chairman of Angiotech Pharmaceuticals Inc.) added as directors
Potential significant increase in level or concentration of therapeutics transported across BBB
2010 saw the completion of two Collaborative research programs with The University of British Columbia. Key findings emerged from both of these programs. The most exciting discovery was that the earlier observation that the amount of p97 that was transported across the Blood-Brain Barrier in an animal model was significantly underestimated. Through the use of improved techniques we have achieved a 2-3x improvement in the portion of an injected dose which is transported into the brain, increasing from 2.5% of the injected dose to as much as 7%. Key experiments demonstrated that by using species-specific forms of p97, it was possible to achieve levels exceeding 10% of the injected dose. This is a very important finding for the Company's Transcend program (the development of proprietary carriers to shuttle therapeutics across the Blood-Brain Barrier), as it indicates that we will be able to transport clinically meaningful concentrations of therapeutics across the Blood-Brain Barrier. This has the potential of enabling the treatment of diseases of the brain that have so far gone untreated.
Commercial development of simple blood test for Alzheimer's disease
As well in 2010, the Company's CognitestTM program (a simple blood test for the diagnosis of Alzheimer's disease) left the research stage and the Company engaged the services of Fleet Bioprocessing (UK) to develop a commercial version of CognitestTM. The Company expects significant advancements in this program over the coming few months. Along with the assay being developed by the Company and Fleet, the Company in collaboration with Anderson Forchung Group (Washington DC) completed the SISCAPA version of CognitestTM. SISCAPA is based on leading edge analytical techniques and is gaining recognition within the pharmaceutical industry as a robust, accurate and sensitive method of analysis. The Company and Anderson Forchung share the observations that some of the benefits offered by this form of test will over the coming years see much greater uptake within clinical laboratories.
In summary, 2010 saw the core research completed enabling the Company to enter its commercial development phase in 2011.
$1,029,287 private placement
Corporately, the Company closed a financing in November 2010 for gross proceeds of $1,029,287 and entered 2011 with funds believed sufficient to complete the Cognitest program and perform a number of formulations of therapeutics within the Transcend program. During 2010 the Company did extensive research to select the Therapeutics that it would conjugate (link) to Transcend and show that it can deliver the linked therapeutic across the Blood-Brain Barrier.
Dr.Chris Fibiger and David Howard added as board members
In 2010 the Company expanded its Board of Directors with the addition of two pharma experts: Dr. Chris Fibiger, former head of Neuroscience at both Amgen & Eli Lilly and Chief Scientific Officer at Biovail Laboratories International SRL, (now part of Valeant Pharmaceuticals International) and David Howard, former President Novopharm International & Novopharm USA and current chairman of Angiotech Pharmaceuticals Inc.
In 2010 the Company also added two key scientists to its team, both with extensive experience of p97: Dr. Reinhard Gabathuler who was former Chief Science Officer at Angiochem Inc and Vice-President, Brain Research and Drug Delivery at BioMarin; and Dr. Timothy Vitalis, who headed the UBC CRA projects and who worked on p97 while at Synapse Technologies Inc.
The Company also added two key management executives: Dr. Robert Cory as Vice-President Business Development and Intellectual Property, a fifteen year experienced acquisitions and IP executive who previously had held the same position at Migenix Inc., joining Hugh MacNaught, appointed Executive Vice-President of the Company, a twenty year life science executive working with public multinational companies, including product development, manufacturing, marketing and business development at Boehringer Mannheim (acquired by Roche), Kodak (Johnson and Johnson) and Amersham (GE).
ABOUT COGNITESTTM
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 (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 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 CognitestTM, 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 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
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: Robin Hutchison Director and CEO 1-778-383-3280 Extension 101 rob@bioasis.ca