updated 2/28/2011 9:16:43 AM ET 2011-02-28T14:16:43

VANCOUVER, British Columbia, Feb. 28, 2011 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce the completion of a project intended to produce proprietary monoclonal antibodies (mAbs) for its Cognitest™ blood test for Alzheimer's disease.

Highlights:

  • Simple, easy to use diagnostic blood test for Alzheimer's ready for clinical testing.
  • Human sample testing starting and to run over the next few months
  • Once validated, biOasis will apply for a CE mark in Europe for commercialization

Working in collaboration with Fleet Bioprocessing and OxFabs (Oxford, UK), the Company generated numerous antibodies and assessed their performance in prototype assays. The best performing mAbs were selected for use within production prototypes. The completion of this project enables the Company to initiate the validation of Cognitest™ with the use of clinical samples.

During the coming months biOasis plans to secure a number of blood samples from several sources for the purpose of assessing the technical performance of Cognitest™.

"The selection of monoclonal antibodies is an important step in the Cognitest™ program," says Rob Hutchison, biOasis Chairman and CEO. "Our strategy is to create new intellectual property and ensure ownership of key components within our products. We are now working to assess Cognitest™ using human samples from North America and Europe. Our intention is to expand the validation studies by collaborating with clinical thought leaders interested in an easy-to-use quantitative test for Alzheimer's disease. The ability to diagnose Alzheimer's has always been known to be very difficult due to the fact that many forms of dementia mimic Alzheimer's and as such a simple quick blood test would provide physicians with a tool to combat this dreadful disease." Please see: http://www.aan.com/press/index.cfm?fuseaction=release.view&release=906

ABOUT COGNITEST™

biOasis is developing a proprietary diagnostic 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 leading in vitro diagnostic companies. 

ABOUT TRANSCEND PROGRAM (P97)

biOasis is developing a proprietary carrier for the transport of therapeutic and imaging agents across the blood brain barrier - the Transcend program. 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 multiple candidate compounds from the Transcend program to 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 the Transcend program, 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 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: Rob Hutchison Chairman and CEO
         1-778-383-3280 Extension 101
         rob@bioasis.ca

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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