VANCOUVER, British Columbia, Dec. 3, 2009 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. announced today that a major step in the application of its proprietary technology for diagnosis of Alzheimer's disease was achieved by the signing of an Agreement with UK-based Fleet Bioprocessing Ltd. (Fleet).
Fleet's team of assay development experts bring unparalleled expertise in the development of top-class immunoassays for the world's most competitive and highly regulated markets. The Company operates to ISO9001:2008 and ISO13485: 2003 standards, and in accordance with the in vitro diagnostic GMP requirements of the U.S. Food and Drug Administration (FDA).
"The astronomical costs associated with Alzheimer's disease have a serious impact on the afflicted individuals, their loved ones and society as a whole. There has not been an accurate in vitro diagnostic test for Alzheimer's Disease, which makes it difficult to effectively manage the disease," says Rob Hutchison, CEO, biOasis. "We believe that the future availability of an Alzheimer's disease test targeted to p97 will enable earlier diagnosis, quantitative disease monitoring and better patient outcomes. If earlier diagnosis and improved patient management result in delaying the average onset of the disease by even one-year, society would save in excess of $12 billion annually. The agreement with Fleet will reduce product development timelines for the biOasis p97 Alzheimer's test and enable faster entry into the $36 billion IVD market."
Alastair Dent, Managing Director of Fleet states, "We are delighted to have the opportunity to leverage our deep experience in the development of world-class diagnostic products in combination with the proprietary p97 biomarker from biOasis. We are confident that we can jointly deliver a leading edge product that will both positively impact Alzheimer's disease diagnosis and drug therapy monitoring, and create significant value for blue chip diagnostic companies when licensed for use on their immunoassay systems."
ABOUT FLEET:
Fleet Bioprocessing are expert providers of high-quality contract development and manufacturing services. They meet the needs of the pharma, biotech and diagnostics sectors, offering a range of services from purification and conjugation of proteins, through to immunoassay development and the formulation and dispensing of reagents. With a wealth of experience in the development and manufacture of robust reagents and assays for world-class healthcare players their technical expertise is unrivalled, and they work to the highest quality standards - giving customers the confidence needed for outsourcing even to the most important and demanding requirements. Fleet's flexibility allows them to respond quickly and efficiently to the needs of customers across a wide range of industries, including pharmaceuticals, diagnostics, veterinary science, consumer products and defence.
ABOUT bIOasis:
biOasis Technologies Inc. is a Canadian Life Sciences company focused on the Health Care & Life Sciences market, and is engaged in the development and commercialization of diagnostics and therapeutic delivery systems related to neurological diseases. biOasis has extensive and comprehensive intellectual property ("IP"), which it obtained from The University of British Columbia. The Company's initial area of focus has been on the utilization of the IP to pursue a biomarker for the diagnosis of Alzheimer's disease. This IP has been corroborated in double- blinded and successive multi-site clinical trials.
The Company is also accelerating its work on its Blood Brain Barrier Compound Delivery Platform ("B3CDP") that has been independently verified to shuttle a variety of therapeutic compounds across the Blood Brain Barrier.
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, including without limitation 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: we may not be able to successfully develop and obtain regulatory approval for p97 as a Physician's Aid to Diagnose Alzheimer's, 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.
On Behalf of the Board of Directors
"Robin Hutchison" Director and CEO
"Neither 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."
Contact:
biOasis Technologies Inc. Robin Hutchison, Director and CEO (604) 542-5059 rob@bioasis.ca
