Bioasis Technologies Inc. Announces Warrant Extension and Repricing
Bioasis Technologies Inc. (TSXV:BTI; OTCQB:BIOAF) announced plans to extend the expiry date of 5,797,795 common share purchase warrants from April 11, 2021, to April 11, 2022. The exercise price will also be reduced from $1.00 to $0.85. This adjustment is part of a private placement from April 2017 and is subject to TSX Venture Exchange approval. Bioasis focuses on developing its xB3™ platform to deliver therapeutics for CNS disorders, including brain cancers and neurodegenerative diseases.
- Extension of warrant expiry date provides investors more time to exercise options.
- Reduction in exercise price may enhance exercise likelihood among shareholders.
- Extension may indicate a lack of confidence in raising capital at higher prices.
- No product revenues reported, highlighting financial vulnerability.
NEW HAVEN, Conn., March 22, 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 CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it has applied for approval from the TSX Venture Exchange to extend the expiry date of 5,797,795 common share purchase warrants issued to subscribers pursuant to the private placement of units which closed on April 11, 2017 and to amend the exercise price of the warrants. Bioasis intends to extend the expiry date of the warrants from April 11, 2021 until April 11, 2022 and to reduce the exercise price from
All other terms of the warrants will remain unchanged for the extended exercise period. The extension and repricing is subject to approval from the TSX Venture Exchange.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D.
Executive Chair of the Board
deborah@bioasis.us
+1.203.533.7082
Follow on:
Facebook
Instagram
LinkedIn
Twitter
BTI-CRP
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.
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 along with other 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: products that we develop may not succeed in preclinical or clinical trials, 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.
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 did Bioasis Technologies announce on March 22, 2021?
What is the new expiry date for the Bioasis warrants?
What is the new exercise price for the warrants issued by Bioasis?
What is Bioasis Technologies known for?
What regulatory approval is needed for Bioasis's warrant changes?
