Business
Bioasis Announces Private Placement
Bioasis Announces Private Placement.
About this update from Bioasis Technologies Inc.
[{"type":"text","content":"\n \n BIOASIS \n TECHNOLOGIES INC. (“Bioasis” or the “Company”) \n (OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage \n biopharmaceutical company developing its proprietary xB3 ™ \n platform technology for the delivery of therapeutics across the \n blood-brain barrier (the “BBB”) and the treatment of central \n nervous system (“CNS”) disorders in areas of high unmet medical \n need, including brain cancers and neurodegenerative diseases, today \n announced that it intends to complete a non-brokered private placement \n of units (individually as “Unit” or collectively as the \"Units\") \n at a price of C$0.28 per Unit, for aggregate gross proceeds \n of approximately C$1,000,000 million.\n \n \n Each Unit will consist of one common share of the Company (a \"Common \n Share\") and one Common Share purchase warrant (each whole Common \n Share purchase warrant, a \"Warrant\"). Each Warrant entitles \n the registered holder to purchase one Common Share (a “Warrant Share”) \n at an exercise price of C$0.60 per Warrant Share for a period of 48 \n months from the date of closing of the private placement, subject to the \n terms and conditions set out in the Warrant. All securities issued \n pursuant to the private placement will be subject to a four month hold \n period in accordance with applicable Canadian securities laws.\n \n \n The Company will use the net proceeds from the private placement to \n support ongoing research and development, clinical development, \n manufacturing and other activities in respect of the Company’s clinical \n development pipeline and for working capital and general corporate \n purposes. Closing of the private placement is subject to the approval of \n the TSX Venture Exchange (“TSXV”).\n \n \n “Completing this financing will strengthen the Company’s position to \n advance our pipeline and programs, including our lead product candidate, \n xB3-001 (xB3- Trastuzumab) for HER2+ breast cancer \n brain metastases, which leverages Bioasis’ proprietary blood-brain \n barrier delivery technology,” commented Bioasis’ Chair and Chief \n Executive Officer, Dr. Deborah Rathjen. “Current therapies for HER2+ \n breast cancer have low efficac...