New Haven, Conn. — BIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI) (the “Company” or “Bioasis”), a multi-asset rare and orphan disease biopharmaceutical company developing clinical stage programs based on epidermal growth factor and a differentiated, proprietary xB3 ™ platform for delivering therapeutics across the blood-brain barrier (“BBB”) and the treatment of central nervous system (“CNS”) disorders in areas of high unmet medical need provides this update on its business operations.
On February 28, 2023, Lind Global Macro Fund, LP (“Lind”) agreed to allow the Company to defer the C$100,000 February payment owing to Lind under the terms of the convertible security funding agreement between the Company and Lind (the “CSFB”). The Company continues to reduce its research activities and defer payments to its vendors and officers in order to extend its cash while it seeks strategic alternatives to finance its operations.
As a result of the deferral of the February payment to Lind and the reduction in the Company’s expenditures, and assuming Lind agrees to defer the March payment under the CSFB, the Company now anticipates that its existing cash balance is sufficient to fund operations through approximately mid May, 2023. The ability of the Company to continue operations is dependent upon its ability to obtain additional funding through licensing of its technology and collaboration agreements with upfront and milestone payments, research grant funding, the sale of common shares, warrants, loans or issuance of debt securities and other strategic alternatives.
Bioasis continues to explore and evaluate strategic alternatives to enhance shareholder value, including continuing as a standalone company and evaluating potential strategic transactions or partnerships as well as any financing alternatives that may be available.
The Company also announced it was represented by Shadow Lake Group at BIO-EUROPE SPRING and will be meeting with potential partners and licensees of its xB3 ™ technology in person and digitally.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Executive Chair of the Board
About Bioasis
Bioasis Technologies Inc. is a multi-asset rare and orphan disease biopharmaceutical company developing clinical stage programs based on epidermal growth factors and 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. 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.