Bioasis Announces Closing of Previously Disclosed Private Placement
BIOASIS TECHNOLOGIES INC. (“Bioasis” or the “Company”) (OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage biopharmaceutical company developing its proprietary xB3 TM platform technology for the delivery of therapeutics across the blood-brain barrier (the “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 the close of its previously announced private placement of units, (the “Units”) by issuing an aggregate of 4,588,978 Units at a price of C$0.28 per Unit, for gross proceeds of C$1,284,914.
Each Unit consists of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant entitles the registered holder to purchase one Common Share (a “Warrant Share”) at an exercise price of C$0.60 per Warrant Share for a period of 48 months from the date of closing. All Common Shares and Warrants issued pursuant to the private placement, and any Common Shares issued in connection with the exercise of Warrants, will be subject to a four month hold period expiring on September 22, 2019, in accordance with the policies of the TSXV and applicable securities laws.
As previously disclosed, the net proceeds from the private placement will be used to support ongoing research and development, clinical development, manufacturing and other activities in respect of the Company’s clinical development pipeline and for working capital and general corporate purposes.
In connection with the offering, total cash commissions of C$65,702 were paid to certain brokers.
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3 TM platform, a proprietary technology for the delivery of therapeutics across the BBB and the treatment of CNS disorders in areas of high unmet medical need. The delivery of therapeutics across the BBB represents the final frontier in treating neurological disorders. Bioasis’ internal pipeline programs are focused on treatments for orphan indications, including certain brain cancers, and rare diseases, including Gaucher’s Disease Type II. The Company maintains headquarters in Guilford, Connecticut. Bioasis trades on the TSX Venture Exchange under the symbol “BTI” and on the OTCQB under the symbol “BIOAF.” For more information about the Company, please visit www.bioasis.us.