Bioasis Technologies Inc. and Oxyrane UK Ltd. enter into a Research Collaboration

NEW HAVEN, Conn. and MANCHESTER, United Kingdom, June 30, 2021 (GLOBE NEWSWIRE) -- Bioasis Technologies Inc. (TSXV:BTI; OTCQB:BIOAF) (“Bioasis”) and Oxyrane UK Ltd. (“Oxyrane”) are pleased to announce the initiation of a research collaboration.

Bioasis is a pre-clinical, research-stage biopharmaceutical company developing a proprietary xB3™ platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) and the treatment of CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases.

Oxyrane is developing enhanced enzyme replacement therapies (ERT) for lysosomal storage diseases (LSDs) using a proprietary, glyco-engineered yeast expression system for efficient targeting of enzymes to the lysosome. The research collaboration will focus on combining xB3™ technology and Oxyrane’s OxyCAT platform to deliver an undisclosed enhanced enzyme replacement therapy into the brain.

Dr. Deborah Rathjen, Bioasis’ Executive Chair, said, “We are excited to be collaborating with Oxyrane on this initiative to evaluate the combination of both our technologies to meet an unmet need for patients with LSDs for enzyme replacement therapies with greater efficacy. Bioasis’ technology has demonstrated preclinical success in delivering enzyme replacement therapy into the brain and the aim of this collaboration is to fast track the development of a next generation approach to enzyme replacement therapy with the potential for improved peripheral activity combined with brain penetrance to address neurological symptoms.”

“We have been impressed by Bioasis’ technology for BBB delivery of enzyme replacement therapy and our technologies are very complementary so this collaboration is a natural fit. Oxyrane’s technology produces ERTs with enhanced cellular uptake and superior pharmacodynamics in a cost-efficient manner which we believe will be an overall benefit to patients,” commented Dr. Wouter Vervecken, the CEO of Oxyrane.

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

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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.

On behalf of the Board of Directors of Oxyrane UK Ltd.

Wouter Vervecken

About Oxyrane

Oxyrane is a venture funded, pre-clinical stage biotech company dedicated to developing Enzyme Replacement Therapies (ERTs) for Lysosomal Storage Diseases. Main investors are Forbion Capital Partners (NL) and New Science Ventures (New York & London). Using its proprietary glycoengineered yeast based OxyCAT platform, the company can produce ERTs with enhanced cellular uptake and superior pharmacodynamics in a cost-efficient manner. Oxyrane’s lead program is an Enzyme Replacement Therapy for Gaucher Disease that has demonstrated superior phamacodynamic effects in disease animal models. https://www.oxyrane.com/

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 along with other 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: products that we develop may not succeed in preclinical or clinical trials, 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.

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.

Contacts:

Deborah Rathjen, Ph.D., Executive Chair of the Board and CEO
deborah@bioasis.us
203-533-7082

Wouter Vervecken, Ph.D., CEO
WVervecken@oxyrane.com

Investor Contact:
Graeme Dick
Colwell Capital Corp.
graeme@colwellcapital.com
403-561-8989


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