RICHMOND, British Columbia & GUILFORD, Conn.--(BUSINESS WIRE)--BIOASIS TECHNOLOGIES INC. (TSX.V:BTI; OTCQB:BIOAF) (“Bioasis” or the “Company”), a biopharmaceutical company developing its xB3 ™proprietary platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) for the treatment of CNS disorders in areas of high unmet medical-need, including brain cancers and neurodegenerative diseases, is pleased to announce that it has completed a second and final tranche of its previously announced private placement of units (the “Units”) by issuing an aggregate of 1,280,000 Units at a price of C$0.552 per Unit, for gross proceeds of C$706,560.
Between the two tranches of the private placement, Bioasis issued a total of 5,083,298 Units for gross proceeds of C$2,805,980.49.
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$0.69 per Warrant Share for a period of 60 months from the date of closing. All shares and warrants issued pursuant to this tranche of the private placement, and any shares issued in connection with the exercise of warrants, will be subject to a four month hold period expiring on Sept. 25, 2018, in accordance with the policies of the TSXV and applicable securities laws.
Sales to U.S.-based investors were brokered through the Company’s exclusive placement agent Roth Capital Partners (the “Agent”). The total cash commission paid to the Agent in respect of the private placement was C$64,384.29, representing 7% of the gross proceeds raised from sales to U.S.-based investors.
As previously disclosed, the net proceeds from the Private Placement will be used to fund further 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.
About Bioasis
Bioasis Technologies Inc. is a biopharmaceutical company developing xB3, a proprietary platform technology for the delivery of therapeutics across the blood-brain barrier (BBB) and the treatment of CNS disorders, including brain cancers and neurodegenerative diseases. The delivery of therapeutics across the BBB 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. The company maintains headquarters in Richmond, BC, Canada with offices in Guilford, Conn., United States. 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.caor www.bioasis.us.
