BIOASIS TECHNOLOGIES INC–Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company” or “Bioasis”), 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
GUILFORD, Conn., Nov. 03, 2020 (GLOBE NEWSWIRE) -- BIOASIS TECHNOLOGIES INC–Bioasis Technologies Inc. (TSX.V:BTI; OTCQB:BIOAF) (the “Company” or “Bioasis”), 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 announces that it has entered into a royalty purchase agreement with XOMA Corporation (“XOMA”), under which the Company sold certain rights to future milestone and royalty revenue due to the Company, associated with the advancement of the enzymes being investigated as potential treatments for four different lysosomal storage disorders (“LSD”) under Bioasis’ strategic alliance with Chiesi Group.
“Bioasis has a technology designed to deliver therapeutic candidates across the blood-brain barrier that we found interesting. We are pleased that Chiesi Group, a well-respected pharmaceutical company, is driving the development efforts of these enzymes in rare disease indications and to be able to acquire an economic position in them,” commented Jim Neal, Chief Executive Officer of XOMA.
“We are pleased to enter into this arrangement with XOMA, which will allow Bioasis to deploy additional capital to progress its unpartnered pipeline programs targeting Parkinson’s disease, Lewy Body Dementia and Fronto Temporal Lobe Dementia and also secure further technology validating partnerships,” commented Dr. Deborah Rathjen, Executive Chair and Chief Executive Officer of Bioasis.
Under the terms of the agreement, in exchange for a US$1.2 million upfront payment, XOMA will receive a low single-digit royalty on the future net sales of each of the four Chiesi Group-Bioasis enzymes and an undisclosed share of the up to US$138 million in potential milestones due to Bioasis under its agreement with Chiesi Group.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Executive Chair
deborah@bioasis.us
+1 203 533 7082
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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. The Company maintains headquarters in Guilford, Conn., United States. Bioasis trades on the TSX Venture Exchange under the symbol “BTI.V” and on the OTCQB under the symbol “BIOAF.” For more information about the Company, please visit www.bioasis.us.
Forward Looking Statements
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