The work on BT2111 at Texas Tech continues with a number of further tests required to complete our pre-clinical testing of BT2111.
This program has identified two benefits for biOasis;
1. It is a program that biOasis itself could advance further on its own and without a partner (as the costs of doing so are manageable) or license it off to a partner potentially as soon as the next set of tests are completed, and2. Therapeutic antibodies are the number one drug targets for many Pharmaceutical companies. Due to the large size of these compounds delivery throughout the body becomes a major issue and in the brain it is the major issue. Our work on BT2111 showed the industry that Transcend was not only able to deliver a therapeutic antibody, but do so in sufficient quantity to have a therapeutic effect.
Many of you have asked me about our Cognitest program - our test to measure elevated levels of p97 in blood as a potential diagnostic utility for Alzheimer's. For now we've put it on the shelf and stopped expending corporate resources on it. We are focusing on Transcend where we see the best opportunity to create value for our shareholders. However, work continues at UBC where fresh human samples are being analyzed. This work is likely to continue for several months to come. The exact time frame for these results is tough to determine, but as soon as we have a statistically significant number of samples we will re-assess the commercial viability of this program.
Notwithstanding all of this activity and progress, we are spending only approximately $165,000 per month, a remarkably low burn for such technical advancement and our current cash position is approximately $3M.
Over the next year we will focus on a number of exciting activities, including near term objectives; the completion of the current collaborations and to complete certain BT2111 studies underway, and mid to longer term objectives to continue to seek and bring on new collaboration opportunities, advance our BT2111 program as rapidly as our resources allow and bring new internal programs that we've been working on to the forefront.
We feel biOasis is well positioned to move forward. We believe we have strong intellectual property underpinning Transcend, excellent strategic collaborators focused on large market opportunities, an exciting internal pre-clinical development program and a strong team of scientists and managers at biOasis.
We have an exciting year ahead and we look forward to sharing it with you.
Rob Hutchison, Founder and CEO
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.
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biOasis Technologies Inc.
Founder and CEO