Bioasis Announces Shares for Debt Transaction

NEW HAVEN, Conn., Feb. 10, 2021 (GLOBE NEWSWIRE) -- BIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI), 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 central nervous system (“CNS”) disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases, today announced that it has entered into an agreement with an arm’s length third party pursuant to which Bioasis has agreed to issue 300,000 common shares to the third party at a deemed price of $0.3975 per share in order to resolve a contractual dispute. The shares for debt settlement remains subject to approval by the TSX Venture Exchange (the “TSXV”). The common shares issued pursuant to the shares for debt settlement will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.

On behalf of the Board of Directors of Bioasis Technologies Inc.

Deborah Rathjen, Ph.D., Executive Chair
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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.

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.