Bioasis Announces $200,000 Non-Brokered Private Placement

Rhea-AI Summary

Bioasis Technologies Inc. (OTCQB:BIOAF) has completed a non-brokered private placement, issuing 400,000 common shares at $0.50 each, resulting in gross proceeds of $200,000. The shares will have a four-month hold period in line with securities regulations. Bioasis focuses on developing its proprietary xB³ ™ platform technology to deliver therapeutics across the blood-brain barrier, targeting central nervous system disorders with significant unmet medical needs, including brain cancers and neurodegenerative diseases.

Positive

• Completed a private placement raising $200,000.
• Proprietary xB³ ™ platform targets high unmet medical needs in CNS disorders.

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• None.

GUILFORD, Conn., Jan. 29, 2021 (GLOBE NEWSWIRE) -- BIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB³ ™ platform technology for the delivery of therapeutics across the blood-brain barrier (“BBB”) and the treatment of central nervous system (“CNS”) disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it has completed a non-brokered private placement of 400,000 common shares to a Canadian family office at a price of $0.50 per share for gross proceeds of $200,000.

The common shares issued pursuant to the private placement are subject to a four month hold period in accordance with applicable securities laws.

On behalf of the Board of Directors of Bioasis Technologies Inc.

Deborah Rathjen, Ph.D., Director and President & Chief Executive Officer
deborah@bioasis.us
+1 203 533 7082

About Bioasis

Bioasis Technologies Inc. is a biopharmaceutical company developing the xB³ ™ platform, a proprietary technology for the delivery of therapeutics across the blood brain barrier and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the blood brain barrier represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders. The company maintains headquarters in Guilford, Conn., United States. Bioasis trades on the TSX Venture Exchange under the symbol “BTI” and on the OTCQB under the symbol “BIOAF.” For more information about the company, please visit www.bioasis.us.

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.

FAQ

What recent funding event took place for Bioasis Technologies Inc. (BIOAF)?

Bioasis Technologies Inc. completed a non-brokered private placement, raising $200,000 by issuing 400,000 common shares at $0.50 each.

What is the focus of Bioasis Technologies Inc.'s xB3™ platform?

The xB3™ platform is developed to deliver therapeutics across the blood-brain barrier for treating central nervous system disorders, including brain cancers and neurodegenerative diseases.

What are the terms regarding the shares issued in the recent Bioasis Technologies Inc. private placement?

The shares issued in the private placement are subject to a four-month hold period according to applicable securities laws.