BIOASIS TECHNOLOGIES INC - BIOAF STOCK NEWS

Bioasis Technologies Inc. (OTCQB:BIOAF; TSX.V:BTI) announced reduced research activities and deferred payments to extend cash while seeking financing alternatives. On February 28, 2023, Lind Global Macro Fund allowed the Company to defer a C$100,000 payment. With further payment deferrals, Bioasis expects its cash to last until mid-May 2023. The Company is exploring strategic options, including licensing its xB³™ technology and potential partnerships. Bioasis was represented at BIO-EUROPE SPRING 2023 to engage with potential partners for its technology.

Bioasis Technologies (OTCQB:BIOAF) recently held its annual general meeting, where all incumbent directors were re-elected, and Manning Elliott LLP was re-appointed as auditors. The company updated shareholders on its financial situation, revealing that it may not receive a US$225,000 expense reimbursement or a US$250,000 bridge loan installment from Midatech Pharma due to the latter's liquidity issues. Bioasis faces significant cash flow challenges, projecting it can sustain operations only until March 2023 without additional financing, needed to repay outstanding loans totaling US$850,000. The company is actively seeking financing options to enhance shareholder value.

Bioasis Technologies has announced the termination of its arrangement agreement with Midatech Pharma plc after Midatech's shareholders rejected the acquisition proposal. The termination, effective immediately, follows the lack of shareholder approval during a recent general meeting. Bioasis is set to receive a US$225,000 reimbursement from Midatech as per the agreement's terms. The company will now explore alternative strategies to enhance shareholder value, including potential partnerships. Current cash reserves plus expected reimbursements are projected to last until March 2023, necessitating additional financing to support ongoing operations.

Bioasis Technologies Inc. (OTCQB:BIOAF; TSX.V:BTI) announced the filing of its unaudited quarterly financial statements for the period ending November 30, 2022. The company is focused on developing clinical programs for treating central nervous system disorders using its proprietary xB³™ platform for delivering therapeutics across the blood-brain barrier. The financial documents can be accessed on SEDAR and the company’s website. The press release was issued on January 19, 2023, by Deborah Rathjen, Ph.D., Executive Chair of the Board.

BIOASIS TECHNOLOGIES INC (OTCQB:BIOAF) announced that it has mailed the management information circular for its annual and special meeting on February 3, 2023, regarding a plan of arrangement with Midatech Pharma plc. The arrangement involves the acquisition of Bioasis by Midatech, with the Board unanimously recommending approval based on a fairness opinion. The British Columbia Supreme Court granted an interim order for the meeting, with a final order hearing set for February 8, 2023.

Bioasis Technologies Inc. announced amendments to its arrangement agreement with Midatech Pharma plc. The updates include that Midatech is no longer required to seek delisting from AIM after the arrangement completes. Additionally, a US$750,000 bridge loan from Midatech to Bioasis will now be disbursed in three equal tranches of US$250,000 on specific dates: December 19, 2022, January 3, 2023, and February 6, 2023, rather than in a single payment. These changes aim to support Bioasis’s clinical programs targeting CNS disorders.

Bioasis Technologies Inc. (TSXV:BTI, OTCQB:BIOAF) has announced an investor call scheduled for December 20, 2022, at 11:00 am EST to discuss its merger with Midatech Pharma plc. This merger aims to enhance Bioasis's capabilities in developing clinical-stage programs targeting central nervous system disorders using its proprietary xB³™ platform for drug delivery across the blood-brain barrier. Investors can register for the call via the company's website.

Bioasis Technologies (OTCQB:BIOAF) has announced a definitive agreement with Midatech Pharma for a share acquisition, forming a new entity named Biodexa Pharmaceuticals. Shareholders of Bioasis will receive Midatech ordinary shares, and the deal includes a registered direct offering raising approximately US$400,000 and a private placement of about US$9.6 million. This merger aims to enhance capital markets profiles, trading liquidity, and leverage both companies' technologies for rare disease therapeutics. Completion is expected in Q1 2023.

Bioasis Technologies Inc. (TSXV:BTI; OTCQB:BIOAF) announced the filing of its unaudited quarterly financial statements and management discussion for the period ending August 31, 2022. The company focuses on developing clinical programs utilizing its proprietary xB³™ platform to deliver therapies across the blood-brain barrier for central nervous system disorders. Investors can view the complete documents on SEDAR and the Bioasis website. The release emphasizes the ongoing challenges and risks of clinical development and market entry.