Bioasis Technologies Inc. Announces Stock Option Grants, Jeffrey Sprouse Appointed Preclinical Program Manager

Rhea-AI Summary

Bioasis Technologies Inc (TSXV:BTI; OTCQB:BIOAF) announced the grant of stock options for 1,367,606 common shares at $0.38 each, effective June 30, 2020, to directors, officers, and an investor relations consultant. These options, expiring in five years, are part of annual remuneration aimed at enhancing R&D investment. Additionally, Dr. Jeffrey Sprouse was appointed as Preclinical Program Manager, bringing over 20 years of drug discovery experience. His expertise is expected to contribute significantly to advancing Bioasis's drug delivery technology for CNS disorders.

Positive

• Appointment of Dr. Jeffrey Sprouse as Preclinical Program Manager adds significant experience to the team.
• Stock options issued as part of a strategy to invest in R&D, potentially enhancing future growth.

Negative

• None.

NEW HAVEN, Conn., July 20, 2021 (GLOBE NEWSWIRE) -- BIOASIS TECHNOLOGIES INC. (TSXV:BTI; OTCQB:BIOAF), (the “Company” or “Bioasis”), 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 granted stock options to acquire a total of 1,367,606 common shares effective June 30, 2020 at a price of $0.38 per share to directors and officers of the Company and an investor relations consultant. All of the options expire five years from the date of the grant and are governed by the terms of the company’s stock option plan. The options are being issued as part of annual remuneration in lieu of cash compensation as the company prioritizes investment in partnership enhancing R&D.

The company also announced the appointment of Dr. Jeffrey Sprouse PhD as Preclinical Program Manager. Dr. Sprouse brings over 20 years of drug discovery experience to his role at Bioasis. Trained as a neuropharmacologist, he has held leadership positions at top tier Pharma organizations, having served as the project lead for a variety of multi-disciplinary drug discovery programs at Pfizer and as the committee chair for early project development at Lundbeck. Since 2010, Dr. Sprouse has served as an industry consultant, managing all aspects of preclinical programs. Dr. Sprouse obtained his PhD at Cornell University Medical College and his postdoctoral training in the Department of Psychiatry at Yale University. He is author / co-inventor on over 60 scientific papers, book chapters, and patents.

Dr. Deborah Rathjen, Executive Chair of Bioasis, welcomed Dr. Sprouse to the Bioasis team, “We are delighted that Jeffrey has joined Bioasis at this pivotal time given his depth of experience in the Pharma industry and in executing preclinical proof of concept for a number of clinical candidates.”

Dr. Sprouse commented, “Bioasis has an exciting technology for BBB drug delivery, one of the key challenges in unlocking the potential of biologic therapeutics for the treatment of CNS disorders. This technology is coupled to an exciting pipeline addressing areas of unmet medical need. I am pleased to join Bioasis and I am looking forward to working with the team to reach key milestones.”

On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Executive Chair of the Board

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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. 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

Contacts:

Deborah Rathjen, Ph.D., Executive Chair of the Board and CEO
deborah@bioasis.us
203-533-7082

Investor Contact:
Graeme Dick
Colwell Capital Corp.
graeme@colwellcapital.com
403-561-8989

FAQ

What recent developments occurred for Bioasis Technologies Inc. (BIOAF)?

Bioasis granted stock options for 1,367,606 common shares at $0.38 each and appointed Dr. Jeffrey Sprouse as Preclinical Program Manager.

Who is Dr. Jeffrey Sprouse in relation to Bioasis Technologies Inc. (BIOAF)?

Dr. Jeffrey Sprouse is the new Preclinical Program Manager at Bioasis, bringing over 20 years of drug discovery experience.

What is the purpose of the stock options granted by Bioasis Technologies Inc. (BIOAF)?

The stock options are part of annual remuneration and are aimed at prioritizing investment in partnership enhancing R&D.

When were the stock options granted by Bioasis Technologies Inc. (BIOAF)?

The stock options were granted effective June 30, 2020.