VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/12 -- biOasis Technologies Inc. (TSX VENTURE: BTI) today is pleased to provide a 2012 year in review. biOasis has come a long way in 2012. The company has enjoyed a steady, measured progression towards its goals in the execution of its science and business objectives.
Through 2012 the company developed a powerful network of highly respected contract research organizations that have helped conduct research, evaluate and most importantly, validate biOasis' technology in pre-clinical studies. The results of this work have positioned biOasis as an attractive partner for major pharmaceutical companies working in the CNS sector. To this end, we have entered into four collaborations with top tier pharmaceutical companies in England, Belgium and the USA.
"I am very happy to give current investors and those who might consider biOasis as part of their investment portfolio a brief, snap shot view of 2012 . . . its not an easy assignment as the challenge is to provide this in a brief form," says CEO Rob Hutchison. "Our advancements over the past year have been so important that it is difficult to condense them without leaving important points out". "What the following reveals is a company that is moving forward with resolve."
From its public inception in March 2008 to June of 2012, biOasis was very much focused on validating its technology. Although our core technologies had been vetted with solid research at The University of British Columbia amongst others, it was important for biOasis to both affirm and advance our technology base with additional scientific institutions and industrial partner organizations. This was a critical step that was key to enable us to take the technology to potential pharmaceutical partners - and attract the interest of those potential partners to want to evaluate our technology for themselves.
Throughout 2012 we made some significant advances in understanding the potential of our blood-brain barrier delivery technology. For example, we observed that our Transcend vector can carry very large therapeutics, such as antibodies to treat metastatic breast cancer, across the blood-brain barrier. World-renowned experts at Texas Tech University, using specialized techniques, showed higher transport rates than our initial findings. In addition, studies conducted by third parties in 2012, showed that several other therapeutic compounds could be transported across the blood-brain barrier.
With this knowledge and data in hand we created a non-confidential information package that we began to circulate within the biopharmaceutical sector. The interest thus generated has been remarkably strong. In the year 2012 alone we've entered into collaboration agreements with four top tier pharmaceutical companies. biOasis could not be happier with the companies so far on board and with the continued industry interest leading into 2013. We've been asked by many of you, "how long is the collaboration process?" Although varied and of different time frames, the collaborative agreements are key to moving biOasis to the next evolutionary phase of our business - seeing our technology migrate from us to our pharmaceutical partners.
On a corporate note, the company is on a solid financial footing going into 2013 due in large part to prudent cash management, to funding of research by our industry partners and to the raising of over $3.5 million through equity financings. We also added a very seasoned financial and biotech business expert to our Board of Directors and recently expanded our in-house science team to position us to enter into additional industry collaborations in 2013.
In conclusion, although 2012 was a tough year in general in the world financial markets and for many established and emerging companies, biOasis was recognized as a TSX 2012 Venture 50 company. The biOasis team had a plan entering into 2012: to affirm our technology and to engage industry - and to that end, we've achieved the objectives that have resulted in a significant increase in shareholder value.
On behalf of the biOasis board of directors and our team, we thank our investors for their on-going support and we look forward to reporting on our accomplishments in 2013.
ABOUT BIOASIS & TRANSCEND
biOasis Technologies Inc. is a biopharmaceutical company engaged in the development and commercialization of products for the diagnosis and treatment of neurological diseases and disorders. Its products and technologies are intended for use within the healthcare and life science research markets. biOasis is developing a proprietary carrier for the transport of therapeutic and imaging agents across the blood-brain barrier - Transcend. Current initiatives within the Transcend program include production of materials for preclinical studies and conjugation to a range of small molecule and biologic therapeutics. To address the unmet clinical need to transport drugs across the blood brain barrier, biOasis intends to license Transcend to multiple corporate partners.
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, including without limitation 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: we may not be able to successfully develop and obtain regulatory approval for p97 as a Physician's Aid to Diagnose Alzheimer's, 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.
On Behalf of the Board of Directors
Rob Hutchison, Chairman & CEO
"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."
biOasis Technologies Inc.
Chairman & CEO
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